Westpac rate change ‘among the lowest of the major banks’

Westpac has announced a decrease on advertised rates on packaged variable home loans by 1.05 per cent per annum for owner-occupiers and 1.40 per cent for investors.

This puts the variable rate for owner-occupiers at 6.24 per cent, down from 7.29 per cent, and 6.44 per cent for investors, down from 7.84 per cent.

This is available to principal and interest payments with a loan-to-value ratio (LVR) between 70 and 80 per cent.

The rate changes apply to new customers on Westpac’s Premier Advantage Package, St.George, Bank of Melbourne, and BankSA Advantage Packages.

According to the major, this change makes rates “among the lowest of the major banks”.

“Interest rates are top of mind for Australians at the moment and borrowers are seeking the best deal on their home loan,” said Westpac managing director of mortgages James Hutton.

“The change we’re making gives buyers a clearer picture of their rate and borrowing power upfront. It also means our advertised rates are now among the lowest of the major banks – providing a competitive proposition for new customers.”

Hutton said that while these changes apply to new customers, existing customers may be able to receive a negotiated discount.

Also introduced is the ability to have multiple offset accounts.

“Our packaged home loans offer current and new customers a great rate with a package of features and products designed to give bang for buck, and greater control over household finances with the option to bundle their loan with up to 10 multiple offset accounts,” said Hutton.

“Owner-occupier refinancers looking for a better deal on their current home loan can also access our new Online Home Loan basic variable rate offer of 5.84 per cent p.a. on principal and interest repayments with up to 70 per cent loan-to-value ratio, when they switch to Westpac.

“These new offers and features are providing borrowers with more choice and convenience in how they manage their home loan and are backed by the expertise of our bankers who can help guide them through their home ownership needs.”

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

To reach Jack, email him at: This email address is being protected from spambots. You need JavaScript enabled to view it.