Westpac wins award for Australia’s Best Major Bank for third year in a row
If you’re like the vast majority of Australians, you probably bank with one of the Big Four, i.e. CommBank, NAB, ANZ, or Westpac. But which major bank is the best?
Wonder no longer. After a year of sifting through awards and analysing data to find the cream of the banking crop, Westpac has been crowned Australia’s Best Major Bank for the third year in a row in the 2022 Mozo Experts Choice Best Banking Awards.
Westpac edged out the competition for all main product categories in the eyes of Mozo’s Expert Judges, after accruing a long list of wins for its home loans, home insurance, and savings accounts this past year. This latest win recognises Westpac as the most competitive player among the big four banks.
So if you’re after an Australian institution that punches above its weight, you could be in the right place. Check out some of Westpac’s amazing offers for home loans, savings accounts, and home insurance available below.
Westpac Flexi First Option Home Loan
- Discounted 2.19% p.a. (2.53% p.a. comparison rate*) variable interest rate for 2 years
- No ongoing service fees
- Free extra repayments and redraws available
First time buying a house? If you’re looking for an owner-occupier home loan with a major bank, you may want to check out this 2022 Mozo Experts Choice Home Loan Award winner for first home buyers. For the first 24 months, you could enjoy a discounted variable rate of 2.19% p.a. (2.53% p.a. comparison rate*), which then reverts to 2.54% p.a. There are no upfront or ongoing service fees (except for an $8 monthly loan account fee), plus a number of useful features like free extra repayments and a redraw facility if you need to dip back into those funds. Just remember there’s a $350 discharge fee whenever you’re done paying off the loan.
Westpac Life (18-29 years old)
- Up to 2.00% p.a. (when conditions are met)
- Unlimited online transfers between Westpac accounts
- No account-keeping fees (when conditions are met)
As the 2022 Mozo Experts Choice Savings Accounts Awards winner for best Young Adult Savings, Westpac Life is a great option for proactive young Aussies looking to boost their savings. People aged 18-29 could score a 2.00% variable rate on balances up to $30,000, so long as you also grow your balance (beyond the accrued interest) and make at least 5 transactions via a linked Westpac Choice debit card. If you do this each month, you can knock out the $5 account keeping fee which comes with the Choice account, leaving you with minimal costs to keep this account running and earning interest.
Westpac Home & Contents Insurance*
As a Mozo Experts Choice Home Insurance Awards winner for both Exceptional Value and Exceptional Quality in 2021, Westpac’s comprehensive home and contents policy stands out from the crowd. Tailor your policy with exciting optional extras, such as accidental damage, along with built-in protection for up to 12 insurable events, including storm, fire, and flood damage. You’ll also find options to increase limits for items such as jewellery, sporting equipment and artworks. For those looking to cut costs, there’s a 10% discount for combining your building and contents cover, a 10% online purchase discount, and a 10% no claims bonus discount added after every year you don’t file a claim (up to 30% combined no-claims bonus). Be sure to read your product disclosure statement (PDS) carefully for T&Cs, limits, and policy exclusions.
Want to learn more about Australia’s best banks? Discover details about our awards and judging process in our Australia's Best Banking methodology report.
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
** WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
*** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Bank Account Awards
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