Westpac recently cut as much as 130 basis points off several of its fixed and variable home loan interest rates from its Premier Advantage package loans and Flexi loans. We’ve crunched the numbers to see how it’s new rates stack up against other home loan options around.
First things first, take a look at some of the rate changes Westpac made early last week below:
The new variable rates are only available to new customers, however, it’s new fixed rates are on offer to both new and existing customers who switch to a fixed-rate loan.
When compared to other similar ongoing big bank interest rates for a home loan with an 80% LVR, we found that Westpac’s recent rate cuts have brought its variable home loan interest rates in line with its competitors' rates.
Although Westpac has significantly lowered some of its home loan interest rates, thanks to the recent RBA rate cuts, there are still more competitive home loan offers around.
If you went with the Flexi First Option Home Loan (principal and interest owner-occupier over 70% LVR) and took out a $400,000 loan paid back over 30 years, with the variable interest rate of 3.43% p.a. (3.44% p.a. comparison rate*), you’d be paying $241,011 total interest over the life of the loan.
We’ve said it before and we’ll say it again - there’s a lot to gain from shopping around on your home loan and finding the best deal for you. So to get you started, here are some other competitive home loan options you might want to check out instead:
Tic:Toc Variable Home Loan
2.99% variable rate (3.00% comparison rate)*
Only requires a 10% deposit
2019 Mozo Experts Choice Online Home Lender of the Year^
If you’re looking for the right home loan to go with your new pad, then you can’t pass up an award-winner! The Tic:Toc Variable Home Loan hits the ground running with an unbeatable 2.99% p.a. variable interest rate (3.00% p.a. comparison rate*) on loans between $50,000 and $2,000,000, plus, fab features, like free extra repayments and free redraw facility, flexible weekly, fortnightly and monthly repayment options, and an offset account option for just $10 a month. On top of all this, this bad boy took out multiple 2019 Mozo Experts Choice Awards, including the prestigious title of Online Home Lender of the Year!
Homestar Star Essentials Home Loan
Variable rates from 2.99% p.a. (3.02% p.a. comparison rate*)
Free extra repayments and redraw facility
Split account option
If you’re on the hunt for a killer home loan offer, then you’ll definitely want to check out the Home Star Essentials Home Loan! With a competitive variable interest rate of 2.99% p.a. (3.02% p.a. comparison rate*) on loans between $150,000 and $850,000, not to mention loads of great features, like free extra repayments, a free redraw facility and a split account option, the Home Star Essentials Home Loan could be just the thing you’re looking for.
If you’re after a top-notch low-rate home loan, then you might’ve just hit the home loan jackpot! With a super-low 3.03% p.a. variable interest rate (3.05% p.a. comparison rate*) on loans from $50,000 to $1,000,000, free extra repayments and free redraw facility, a split account option, plus, no application or ongoing fees, the Loans.com.au Smart Home Loan could do the trick!
*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 the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.