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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
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...