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Westpac has discounted its variable rate to 4.84 per cent in a bid to tempt first home buyers.
The major is now offering a 0.49 per cent two-year introductory discount for new Flexi First Option home loan and investment property loans.
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The loan will then convert to 5.33 per cent variable after the two-year introductory rate period.
No establishment fee will be charged, saving borrowers $600.
This special applies to applications processed from July 7 with conditional approval by October 3.
Westpac will also continue to offer its ongoing Flexi First Option special, which will apply to home loan and investment property loans for the foreseeable future.
Under this offer, borrowers receive a 0.21 per cent ongoing variable rate discount for new Flexi First Option home loan and investment property loans, putting the rate currently at 5.12 per cent.
This offer also allows borrowers to bypass the $600 establishment fee.
Borrowers are unable to take both Flexi First Option offers simultaneously.
Westpac told brokers that these two offers “position Westpac competitively in the market as the bank to assist your first home buyers with their home loan and other financial needs”.
[Related: Westpac share price jumps 21.1pc]
