Westpac announced significant reductions in its advertised variable home loan rates for new customers. Owner-occupiers will see a decrease of 1.05% per annum, while investors benefit from a 1.40% per annum cut. These changes apply to the Premier Advantage Package and equivalent packages from St.George, Bank of Melbourne, and BankSA.
For loans with a loan-to-value ratio between 70-80%, the new advertised rates are 6.24% per annum for owner-occupiers and 6.44% per annum for investors. James Hutton, Westpac’s Managing Director of Mortgages, stated that these adjustments provide borrowers with a clearer understanding of their rates. Additionally, enhance competitiveness among major banks.
Existing customers will maintain their current negotiated discounts. Additionally, Westpac has introduced features like multiple offset accounts and a 5.84% per annum basic variable rate for refinancers with up to 70% loan-to-value ratio.
Home Loan Rates with upfront discount
Westpac’s Premier Advantage Package offers customers an upfront discount on their home loan, which has been increased through this change. For an annual fee of $395, customers also benefit from no monthly fee on the home loan or transaction account, an eligible credit card annual card fee waiver, and discounted home or landlord insurance.
The bank has also introduced new features, including the ability to set up multiple offset accounts, helping new and existing customers manage their home loans more effectively. Westpac’s expert home lending team is ready to assist customers at any stage of the homeownership journey through various channels, including online video consultations, phone, in-branch visits, or meetings with mobile lenders.
These initiatives reflect Westpac’s commitment to providing borrowers with more choice and convenience in managing their home loans.