Westpac cuts rates to capture mid-spring buyers

Westpac, Australia's second-largest lender, has cut its rates for first-time home buyers and investors.

Its affiliates St George, Bank of Melbourne and BankSA are also cutting fixed rates.

The campaign comes mid-spring in the peak residential selling season. Based on Westpac’s credit criteria, residential lending is not available for non-Australian resident borrowers. The offer commences 23rd October 2017 and is only available for a limited time.

They are also targeting a revival in first-time home buyers encouraged by state government stamp duty cuts amid less competition from investors and overseas buyers. 

The latest cuts include increasing the two-year introductory offer discount on Flexi First Option home loan from 71 basis points to 84 basis points for the first two years.

The headline rate will be 3.75 per cent which at the end of the term will roll into the product's base rate, which sits currently at 4.59 per cent.