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.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . 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

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