Westpac woos new home loan customers with interest rate discounts

Westpac is rolling out the red carpet to new customers by offering discounted interest rates on its home loans.

When Westpac’s recently-announced 14 basis point rate rise went into effect on 19 September 2018, Westpac also extended some of its introductory discount offers for new customers to last for the full length of the loan.

These offers include:

• A 0.75% p.a. discount off the Flexi First Option Home Loan principal & interest repayment variable rate for the life of loan (interest rate 3.98%, comparison rate 3.99%).
• A 0.80% p.a. discount off the Flexi First Option Investment Property Loan principal & interest repayment variable rate for the life of loan (interest rate 4.48%, comparison rate 4.49%).
• A 0.71% p.a. discount off the Flexi First Option Investment Property Loan interest only repayment variable rate for the life of loan (interest rate 5.08%, comparison rate 5.09%).

To further sweeten the deal for new customers, Westpac has waived the $600 establishment fee for these home loan offers.

These special offers are only for new customers, and do not include mortgage holders refinancing within the Westpac group, which includes St.George and Bank of Melbourne.

Other recently-announced rate rises from CBA and ANZ are due to come into effect on 4 October 2018 and 27 September 2018 respectively.

Out of the four major banks, only NAB is keeping its interest rates steady for the time being.

Compare home loans in Australia