Westpac has changed its home loan 'special' rate offers.
It has introduced a new 18 month 'special' rate of 5.75%.
It has ended its 2 year 'special' rate of 5.75%, with their offer for this term reverting to its standard 6.39%.
It has reduced its 3 year 'special' rate to 5.99%, a -20 bps drop from 6.19%.
And it has kept its 6.49% five year 'special' rate unchanged.
None of these changes give Westpac a market-leading position for any term, but they are very close with their new 18 month rate, pipped only by SBS Bank, and matching the Co-operative Bank. At this term, they have the lowest rate of any of the main banks.
The conditions for these Westpac 'specials' include requiring a minimum of 20% deposit, salary credit to a Westpac transaction account, and a Westpac credit card or specified insurance product.
Westpac also offer a "healthy cash bonus" for new lending of $100,000 or more. They don't specify the level but stand ready to match competitive offers - which bizarrely means to get the best cash bonus from Westpac you must shop around first. It is odd seeing a bank implicitly encourage that - although it is probably the reality of today's competitive mortgage market.
See all banks' carded, or advertised, home loan rates here.
The current non-rate incentive offers are here.
This is how the updated mortgage rates will compare as at 8:00 am Thursday, November 20, 2014:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.69% | 6.25% | 5.75% | 6.09% | 6.79% | 6.99% |
 |
5.70% | 6.09% | 5.75% | 5.99% | 5.99% | 6.49% |
 |
5.89% | 6.09% | 5.75% | 6.09% | 6.49% | 6.59% |
 |
5.69% | 5.75% | 6.09% | 6.59% | 5.99% | |
 |
6.09% | 5.75% | 6.39% | 5.99% | 6.79% | 6.49% |
| Co-op Bank | 5.70% | 5.75% | 5.75% | 6.09% | 6.40% | 6.49% |
 |
5.39% | 5.75% | 5.99% | 6.79% | 6.99% | |
| SBS Bank | 5.59% | 5.74% | 5.49% | 5.69% | 6.19% | |
 |
5.70% | 5.90% | 5.70% | 6.20% | 6.65% | 6.85% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
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