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Jessica Darnbrough
In a bid to remain competitively priced, one of the major banks has announced it will extend the discount on one of its main standard variable rate mortgages.
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Effective from tomorrow, Westpac will offer borrowers that take out a full doc standard variable between $150,000 and $250,000 a discount of 0.7 per cent – up from 0.4 per cent.
This decision brings the discount in line with the discount offered to borrowers who take out a loan above $250,000.
In addition, the lender has announced it will cut the interest on its one year and three year fixed rates.
The reduction in fixed rates will see the one year deal drop from 6.49 per cent to 6.34 per cent, which when included with the Premier Advantage Package discount of 0.2 per cent, will see the overall rate drop to 6.14 per cent.
Three year fixed rates will fall to 6.19 per cent when the same discount is applied to the new stand-alone rate of 6.39 per cent.
The current three year rate is 6.53 per cent.
“We’re delighted to be able to offer these deals to customers which are among the best available in the market,” Westpac’s group executive retail and business banking Jason Yetton said.
“These new fixed rates offer customers both security and flexibility with the reassurance of repayments locked in for a fixed period which takes away any worries they may have about movements in interest rates.
“However, for those new customers who prefer the opportunities of a variable home loan rate through our Premier Advantage Package and are looking to borrow between $150,000 and $250,000 we are pleased to be able to extend the existing discount to 0.7 per cent. This, we believe, will be great help to customers, especially those looking to buy their first home.”
