Westpac, St George cut to 'lowest ever' home loan rates

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on March 10, 2021
Westpac, St George cut to 'lowest ever' home loan rates

Westpac is now offering the lowest fixed home loan rate for two years.

Westpac, St George and other subsidiaries made sizable rate cuts, with the lowest Westpac home loan now having an advertised interest rate of 1.79% p.a.

The home loan in question is a 'Premier Advantage' packaged loan, paying principal and interest (P&I), fixed for two years for owner occupier borrowers with 70% LMI.

It was cut by 20 basis points, and has a 3.37% p.a. comparison rate.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Rates correct as of January 21, 2022. View disclaimer.

It appears the same cuts were made across the Westpac subsidiaries St George, Bank of Melbourne, and BankSA, however check the individual lenders' finer details and comparison rates for differences.

For example, the equivalent home loan in St George's case has a maximum LVR of 60%, and a comparison rate of 3.33% p.a.

St George, Bank of Melbourne, and BankSA also have a $4,000 cashback offer for borrowers applying to certain home loans by 31 March.

In Westpac's case, three-year packaged loans were also cut by 11 basis points. 

The Premier Advantage loan paying P&I, fixed for three years with 70% LVR was cut to 1.88% p.a. (3.28% p.a. comparison rate*).

The equivalent loan but for borrowers up to 95% LVR, the rate is 1.98% p.a. (3.38% p.a. comparison rate*).

Westpac's 'Premier Advantage' package loan waives fees for loan maintenance, 'top up' fees, portability or switching fees, as well as no service fee on Westpac Choice accounts (usually $5), plus no annual fee on some credit cards and discounts on selected insurance products.

What about investors? 

No home loan by the Westpac amigos under 2% yet, but some investment home loans were slashed nonetheless.

The Premier Advantage packaged loan for investors, fixed for two years paying P&I with 70% LVR was cut by 20 basis points to 2.19% p.a. (3.87% p.a. comparison rate*).

The equivalent loan but for borrowers with 80% LVR was cut by 20 basis points to 2.29% p.a. (3.97% p.a. comparison rate*). 

More to come...


Photo by Scott Lewis on Flickr

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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