Westpac has made several changes to its mortgage product range-up. The 2-year introductory rate, which is 1.99% per annum, is the main highlight. Flexi First Option’s product is it.
1.99% p.a. rate is available for owner-occupiers paying on principal and interest rate (P&I) terms with a 70% loan-to-value ratio (LVR). After the term, the rate will be reset to the standard variable rate of 2.09% p.a. (2.52% p.a. comparison rate*)
Westpac’s home loan basic Flexi First option is Westpac Flexi First. There are no additional repayment caps or fees, and no maintenance or redraw fees.
These products also saw a reduction of the bank’s introductory rate
- Flexi First Option 2-Year Intro P&I 95% LVR20 bps upto 2.09% p.a. (2.52% p.a. comparison rate*)
- Investment Flexi First Option 2-Year Intro P&I 70% LVR – 20 bps to 2.299% p.a. (2.80% p.a. comparison rate*)
- Investment Flexi First Option 2-Year Intro P&I 80% LVR– 20bps to 2.39% per year (2.90% per annum). comparison rate*)
Westpac also increased its fixed rates offerings by 30bps in order to offer products with terms of four to five year. These products will be affected:
- Premier Advantage Fixed Options
- Premier Advantage Fixed Investment
- Fixed Investment
- Fixed Options
These are some other lenders who made adjustments or changes to their rates this Week.
Fixed Rates Lower on Home Loans
Reduce Home Loans announced that the revert rate on its Ezy SMSF metro Fixed products will be lowered by 10bps. Current rate is 3.69% p.a.
It also changed the rates for the Ezy SMSF Metro line-up.
- Ezy SMSF Metro Fixed 5 yrs P&I =60% – 3.39% p.a.
- Ezy SMSF Metro Fixed 4 yrs P&I =60% – 4.29% p.a.
- Ezy SMSF Metro P&I =60% – 3.59% p.a. (3.68% p.a. comparison rate*)
- Ezy SMSF Metro P&I 65-70% – 2.69% p.a. (3.78% p.a. comparison rate*)
Greater Bank lowers revert rates
Greater Bank has reduced the revert rate for its Great Rate Discount Investment Products (Ultimate Discount Investment Products) These are the new rate reverts:
- Great Rate Discount Investment Fixed P&I – 2.59% p.a.
- Great Rate Investment Fixed IO – 2.69% p.a.
- Ultimate Discount Fixed P&I – 2.75% p.a.
- Ultimate Discount Fixed IO – 2.85% p.a.
- Ultimate Discount Investment P&I Fixed – 2.79% p.a.
- Ultimate Discount Investment OIO Fixed – 2.89% p.a.
These rates were effective on August 24, 2018.
Bank of Melbourne increases fixed rates
Bank of Melbourne raised the price of its Advantage package Residential Fixed and Advantage pack Investor Fixed line-ups by 30bps
You can make the following changes:
- Advantage Package Io Fixed Io 4-5 years 80% LVR – 3.24% p.a.
- Advantage Package Residential Fixed P&I 4 yrs >80%LVR – 2.59% p.a. (3.45% p.a. comparison rate*)
- Advantage Package Residential Fixed P&I 5 yrs >80% LVR – 2.89% p.a. (3.52% p.a. comparison rate*)
- Advantage Package Portfolio Loan Fixed 4-5 yrs – 3.29% p.a.
These changes apply to BankSA as well as St.George Bank.