Westpac Offers - Below the Line (not advertised)
Updated 2/3/20 - Westpac passed on full 0.25% RBA cut. The $3000 refi promo extended to 31/3/2020
Available under Advantage package, can combine with 100% offset on variable. Annual fee $395 waived first year.
Westpac gives a further 0.1% discount for 70%LVR or less.
Fixed has break costs if closed before expiry. No break costs under variable products.
Westpac Offer 1
Investor 2.99% fixed 2yr or 3yr. (CPR 4.20%). Variable from 3.38% (CPR 3.78%)
Owner 3.04% variable (CPR 3.45%). 2.88% fixed 2 or 3 years. (CPR 3.85%)
Westpac Offer 2
Westpac $3,000 cash rebate PER property refinance. eg. 3 properties = $9,000 bank rebate.
Westpac $2,000 cash rebate for purchases.
Westpac Offer 3
First Home Buyer 2.78% fixed owner occ 2 or 3 years.(CPR 3.75%)
Total Fees NSW & VIC incl GST
Mortgage discharge fees $143.5 (NSW), $116.80 (VIC)
Transfer/Mortgage Registration fee $143.5 (NSW), $116.80 (VIC)
Title search $14.70 (NSW)
Legal/settlement fee from incoming lender – Approx $100-$350
Discharge admin fee from outgoing lender – Approx $250-$350
Total fees approx $650 - $800 in most cases.
0.3% Bundle Rebate
In ADDITION to bank rebates, Bundle Home Loans gives a rebate of 0.3% of loan size (net at drawdown) for ANY bank or product, eg:
Given lower chance of a rate cut forecast, a low fixed rate can still save you more money as you can get an immediate benefit from today as opposed to waiting for the drop to occur. Given many banks are only passing on 0.1-0.15% each cut, and the RBA cash rate is 0.75%, there can only be a maximum of 3 cuts to zero, which may take a long time or unlikely to occur.
Always worth doing a calculation for your situation, eg:
If you have an existing loan and your rate is 3.29%, fixing at 2.79% will save you 0.5% each year.
On a $500k loan, that is a saving of $2500 every year.
If you're saving 0.5% and go with a lender giving rebates eg Westpac $6,000 for 2 properties, plus our Bundle Rebate of $1,500, that's a further $7500 in rebates, plus $2,500 interest savings, you are getting a benefit of $10,000 in just one year!
Bundle Property Home Loans
T: (02) 9698 7186
E: [email protected]
The information provided is for general education purposes only and is not intended to constitute specialist or personal advice. This has been provided without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.