Major announces deep rate discount

by AB08 Jul 2014
A major bank has gotten in on the recent wave of discounting, announcing a new rate discount offer.

Westpac has announced new introductory rate offers for its Flexi First Option products. The bank will offer a two-year introductory rate for new borrowers who take out the Flexi First Home and Investment loan.

The cut will shave 49bps off the product for the first two years, taking its rate to 4.84%. After this period, the loan will revert to a 5.33% variable rate (5.24% comparison rate). It also carries no establishment fee.

In addition, the bank said it would continue to offer its 21bp ongoing variable rate discount for existing Flexi First Home and Investment customers, with the product’s rate currently 5.12% (5.13% comparison rate).

The new discount offer is available for loan applications processed from 7 July, with conditional approval by 3 October.