Major unveils 4.79% fixed rate deal

by Mackenzie McCarty20 May 2013

Westpac has today unveiled a mortgage loan offer that sees the launch of a fixed rate one-year deal of 4.79%p.a. The offer is available to new loans and is effective from today, for a limited period.

New customers are being offered the opportunity to fix mortgages over $150,000 on a new, one-year packaged discount rate of 4.79%p.a, which general manager, Westpac mortgage broker distribution, Tony MacRae, says is one of the ‘most competitive’ fixed rate offers in the market. The new rate is available through the Premier Advantage Package and includes a discount of 0.65% on the existing headline offer.

“Yet again, Westpac is showing that we can respond to customers’ needs and help them get ahead in making one of the important decisions in their lives, which is to buy a home and achieve their dreams of home ownership with the help of their mortgage broker,” says MacRae.

“With the recent cuts in interest rates, mortgage brokers are now looking for opportunities to help their clients across the housing market and we believe this new offer will help our broker partners bolster confidence among buyers and sellers alike. This reduction in our fixed rate reinforces Westpac’s commitment to all Australian home buyers and all mortgage brokers.”

MacRae adds that Westpac’s current Flexi First Option limited-time offer, specifically for first home buyers, provides customers with ‘additional value and simplicity’, with a rate discount of 0.21%p.a off the standard Flexi First Option base interest rate, no establishment or monthly fees and repayment flexibility for customers to pay off their home loan sooner.

“We also know that mortgage brokers like to help customers with a choice of options, since not every home loan deal suits everyone. This is why I’m particularly pleased to be able to offer customers taking out a new loan an opportunity to choose between a very attractive one-year fixed rate deal, in addition to the greater flexibility and value offered in our Flexi First Option basic home loan.”