A major bank has launched a fresh round of discounting to entice borrowers.
Westpac has announced to its broker network that it will be offering new discounts on its Flexi First Option home and investment loans. The discount will see borrowers receive an additional 21bp life of loan discount, bringing the the product's variable rate from 5.86% to 5.65%. The promotion - which the bank said would run "until further notice" - also offers to waive the $600 establishment fee.
Westpac general manager of broker distribution Tony MacRae said many brokers and their clients "simply want a low rate basic home loan with no up-front or ongoing monthly fees".