Looks like Westpac has dropped their variable rate for new owner occupier home loans. This new rate is so low compared to the other majors I almost thought it was a mistake. Edit: then realised it was just for the first two years.
From their website:
2.29% p.a.^ (2.72% p.a. comparison rate*) on the Flexi First Option Home Loan
Rate Includes a 1.64% p.a. discount for two years from loan settlement date reverting to a 1.14% p.a. discount for the life of the loan^.
Applies to new owner occupier home loans with principal and interest repayments. These rates do not apply to existing Westpac Home Loans, internal refinances or switches within the Westpac Group. Interest rates are subject to change.
Credit criteria and T&Cs apply.
Found this while I was working on a personal website to track home loan rates: RateRank (feedback welcome, site is a bit rough around the edges, mods feel free to remove if not appropriate)