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Westpac has announced it will offer a two-year introductory variable rate discount for its owner-occupier and investor loans.
The bank’s 49-basis-point discount will apply to new Flexi First Option home loans and investment property loans, reducing the variable rate to 4.34 per cent for two years, before converting to 4.83 per cent, with a comparison rate of 4.75 per cent.
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Westpac has also offered a 21-basis-point variable rate discount for existing Flexi First Option home loans and investment property loans, cutting the variable rate to 4.62 per cent for the life of the loan, with a comparison rate of 4.63 per cent.
Westpac has also waived its establishment fee for these loans, saving borrowers $600.
Jamion Khan, Westpac’s state general manager of New South Wales and the ACT, said the new rate offers and no ongoing fees will help more Australians achieve their goal of home ownership.
“Customers looking for security and peace of mind about their repayments can take advantage of the two-year fixed term on offer,” he said.
“Our focus is to help more Australians prepare for their financial futures, whether that be through managing their everyday banking needs, flexible home loans or wealth management.”
