Westpac has announced a two year introductory variable rate discount on both owner-occupier and investor loans.
Effective Saturday 30 May, the major bank will offer a 49 basis point two year discount on new Flexi First Option home and investment property loans. This will bring the variable rate to 4.34%, before converting to 4.83% after the two year discount period (4.75% comparison rate).
This major will also still be offering the existing 21 basis point ongoing variable rate discount for new Flexi First Option home and investment property loans – currently 4.62% variable rate for the life of the loan, inclusive of the discount (4.63% comparison rate).
“This next iteration of our ‘Don’t be Sorry’ campaign highlights our ongoing commitment to helping Australian’s get and own the home they really want,” Brendan Collogan, head of marketing for Westpac Home Ownership said.
“We know from our conversations with customers that great value and service are critical proof points of this aspiration. That’s why we’re offering new customers a discounted rate on our flexi first option product. It’s a great rate and a new reason to believe that we’re in the business of home ownership.”
Westpac has also abolished the $600 establishment fee on all new Flexi First Option home and investment property loans.
“By providing our customers with a competitive interest rate and no upfront or ongoing fees with this Flexi First offer, we are helping more Australian’s with home ownership. Customers looking for security and peace of mind about their repayments can take advantage of the two year fixed term on offer,” Jamion Khan, state general manager for NSW/ACT said.
“Our focus is to help more Australian’s prepare for their financial futures, whether that be through managing their everyday banking needs, flexible home loans or wealth management.”
The new two year introductory offer applies to applications processed from Saturday 30 May with conditional approval by Monday 31 August.
The existing variable rate offer applies to applications processed from Monday 22 April 2013 until further notice.
Both the Flexi First Option offers cannot be taken simultaneously.