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Westpac Group Home Loan Interest Rate Reduction - from 1.79% pa Fixed / 1.99% pa Var + Up to $1,000 Loan Base Cashback


Effective 24 August, 2021, Westpac Group (Including St George, BoM & Bank SA) have announced reductions to some of their promotional headline rates!

St George/BoM/BSA are now offering rates as low as:

  • 1.79% pa // 3.35% CPR (OOPI, Advantage Package, 2 years Fixed, <60% LVR).
  • 2.24% pa // 2.26% CPR (OOPI, Basic Variable, <60% LVR).
  • 2.54% pa // 2.56% CPR (INVPI, Basic Variable, <60% LVR).

- Add 0.05% to any of these offers for <80% LVR.

Westpac are now offering rates as low as:

  • 1.99% pa // 2.62% CPR - OOPI, Flexi First (2 year intro) Variable, <70% LVR.
  • 2.29% pa // 2.99% CPR - INVPI, Flexi First (2 year intro) Variable, <70% LVR.

- Add 0.10% to either of these offers for >70% LVR.

Furthermore, the Group have announced an extension to their $3k cashback offer, which applies for lending of $250k or more, and below 90% LVR - this has now been extended for applications received until 30 Sept 2021 and settled by 31 December 2021 (previously only valid for applications submitted until 31 August 2021 and settled by 30 November 2021).

Full details of St George/BoM/Bank SA's most competitive offers below

Note that all quoted rates are for <60% LVR. Add 0.05% for <80% LVR:

Owner Occupied P&I:

  • 2 Year Fixed (Advantage Package) = 1.79% pa (3.35% CPR)
  • Basic Variable = 2.24% pa (2.26% CPR)

Investment P&I:

  • 2 Year Fixed (Advantage Package) = 2.19% pa (3.84% CPR)
  • Basic Variable = 2.54% pa (2.56% CPR)

Investment IO:

  • 2 Year Fixed (Advantage Package) = 2.39% pa (4.11% CPR)
  • Basic Variable = 2.94% pa (2.96% CPR)
Standard Fees:
  • Upfront = $100
  • Ongoing = $395 (Advantage Package) / Nil (Basic Home Loan)

Full details of Westpac's most competitive offers below:
  • Note that all quoted rates are for <70% LVR. Add 0.10% for >70% LVR:

Owner Occupied P&I:

  • 2 Year Fixed (Premier Advantage Package) = 1.89% pa (3.38% CPR)
  • 3 Year Fixed (Premier Advantage Package) = 1.98% pa (3.30% CPR)
  • Flexi First Intro Variable = 1.99% pa for the first 2 years (2.62% CPR)

Investment P&I:

  • 2 Year Fixed (Premier Advantage Package) = 2.19% pa (3.87% CPR)
  • 3 Year Fixed (Premier Advantage Package) = 2.39% pa (3.80% CPR)
  • Flexi First Intro Variable = 2.29% pa for the first 2 years (2.99% CPR)

Investment IO:

  • 2 Year Fixed (Premier Advantage Package) = 2.39% pa (4.11% CPR)
  • 3 Year Fixed (Premier Advantage Package) = 2.49% pa (4.01% CPR)
  • Flexi First Intro Variable = 3.29% pa for the first 2 years (3.30% CPR)

Standard Fees:

  • Upfront = Nil
  • Ongoing = $395 (Advantage Package) / Nil (Basic Home Loan)

Up to $1,000 Loan Base Broker Cashback Offer Terms:
  • Available on refinance or purchase loan applications submitted through Loan Base until 31 August 2021
  • New lending must include a component that will be fixed for at least 2 years
  • Not available for applications refinancing existing Loan Base lending that is still within the current lender's clawback period (generally 2 years)
  • $500 cashback available for settled utilised lending (net of offset and redraw) of $500k +
  • $1,000 cashback available for settled utilised lending (net of offset and redraw) of $1m +
  • Subject to meeting the above criteria, just mention this Loan Base Ozbargain cashback offer to your broker during your initial conversation (prior to your proposal presentation)

Whilst these offers are very compelling, they will not suit everyone and not everyone will qualify for them - please therefore contact us to confirm the best deals you could qualify for from our panel of over 50 lenders before applying

Other related special offers:

  • Up to $4k lender cashback on <80% LVR refinances or purchases through Citibank, with very sharp discretionary pricing.
  • 3 year fixed rates of 1.85% pa (2.54% CPR) on owner occupied or investment^ purpose lending, with $2k lender cashback through 86 400.
    ^ Note that an owner-occupied security property is required to access this rate on investment purpose lending.


You can apply through directly through the lender, or through an accredited broker, of which we have several across our team of specialists. We also have a senior broker who has obtained "Flame Broker" status with St George (the highest status available), meaning that our clients can benefit from priority processing and dedicated assessors.

Our team is here to help, and will work to ensure we obtain the best pricing and offers possible for you. You can lodge an enquiry via our award winning tech platform here - https://loanbase.com.au/compare-home-loans-fva, or contact one of our brokers directly with their details below.

Leo Gonzales, Email: [email protected], Calendar link: https://calendly.com/loanbase-leo/initial
Eric Cheng, Email: [email protected], Calendar link: https://calendly.com/loanbase-eric/quickchat
Andrew Loucas, Email: [email protected], Calendar link: https://calendly.com/loanbase-andrew/quickchat

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

Related Stores

St.George Bank
St.George Bank
Loan Base
Loan Base

closed Comments

  • +2

    Is this the introductory rate for new applications or the reduction will apply to the existing customer's basic variable loan as well?

    • Would like to know as well, currently with BoM variable 2.59%😩

      • Then the answer is irrelevant @t0087669. Ring them up and ask them to match it. Sometimes it's best to come across as an informed consumer; sometimes it doesn't hurt to come across as irrational and uninformed. I put it to you, in this situation, making demands from an uninformed position could be useful.

        That said, it sounds like you're only missing out on roughly 0.3%. Just secretly I'm not sure it is 😩 material - though I certainly wouldn't mention that when you call them.

        • Hi guys, unfortunately, whilst the new fixed rates are available to any existing customers or "in progress" applications, the reduction to the variable rate only applies to the "promotional" variable rate, which is available to new clients. With that said, I agree with mark's suggestion - as an existing customer overpaying, it never hurts call them up, let them know that you've seen their new offering and request some discretionary pricing to prevent you from refinancing elsewhere!

          • @Loan Base: fixed rate for existing customers?

            • @RichardF89: Hi RichardF89, absolutely; existing customers and applications "in progress" should be able to switch to the new, lower, 2 year owner occ fixed rate from tomorrow.

              The one warning I would make here is that we have had some issues trying to switch some older existing customers across to Westpac & St George's new fixed rates in the event that they settled their loans before Westpac Group introduced the additional discount for lower LVR's (they have claimed that these customers don't qualify for the additional LVR discounts).

              In these cases, it therefore sometimes requires getting the retention team involved to get these new rates matched - but regardless/failing that, you'll still be able to fix for a 2 year fixed OOPI rate that is 0.1% pa lower tomorrow than what is available to you today.

  • What about construction loan?

    • Hi kasakaybarahayna, I believe construction loans are only available on the Standard Variable or Advantage Package Variable products, so none of these new rates (Fixed or Basic Variable) would apply for a construction loan.

      With that said, if you were doing a land purchase and construction, you could fix the land purchase loan at a low fixed rate, and just have the construction loan itself at the higher variable rate. We would always submit a discretionary pricing request for you to confirm the best construction loan rate that would be available through St George as well, and can explore other lenders, if you are unhappy with the StG offer.

  • Well bloody hell, I just refinance out of StGeorge approved today now they reduce their fixed rate, just my luck.

    • So you can get the cashback for your new lender, then come back to St George for another 3k cashback as per this deal.

  • +1

    Hi. On the variable owner-occupied, is there the ability to have an offset account?

    • Hi kaddude, not on the basic variable or flexi first variable products; these are simple loan products with no offset and no ongoing fees (just redraw).

      If you want an offset account with one of the Westpac group lenders, it generally needs to be on a package - we can submit a pricing request to confirm the best variable with offset pricing that would apply to you in this case.

      • Ok. With Covid job uncertainty the need to park $ if an offset for a rainy day is essential to me, I assume many others too.

        • That's where redraw works the same (or at least similar) way. Pay as much as you can on the mortgage, and redraw it when you need it back.

  • Do I get charged LMI if I take out a loan for 89% of the value of my PPOR?

    • Hi temporiser, yes, LMI would generally apply in this case unless you meet criteria for an LMI waiver (eg medical professional) or have already paid LMI on your loan for an equal or higher insurable loan amount.

      • What about the Accounting profession?

  • any chance of getting the 3k if you refiance from st george to westpac? I need to refiance shortly to pull money out of my home for a vacant land purchase.

    • No, since they are in the same group

  • +4

    I am an existing BOM customer and they wouldn’t budge when I tried to negotiate my rates to be the same as new clients rate. They literally tell me they don’t care and if I don’t like the rate here is the discharge form. Talked to them twice same response. Therefore I left. After I lodged the discharged form, the phone has been ringing non stop as they tried to get in touch to see what they can do. For me, that is too late.

    • Yeah that's unfortunately the way most lenders seem to operate now; give you nothing until you are moments away from leaving, then offer you the world. We have had to do full apps to refinance clients elsewhere just to get them a satisfactory retention offer; very inefficient and disrespectful, but par for the course with all the big banks!

    • Don’t understand their logic in doing that. Are they gambling on whether customers are too lazy to refinance? I mean if you’re ringing up to ask then you’re likely to change loans if you don’t give them a good rate just like when you call for a better deal on your phone or utilities.

      I’ve only had a loan for 6 years but with been 3 different banks and it just seems like the norm to jump banks? It seems bizarre that they don’t make it easy for existing customers.

      End rant. Wish me luck with Bank SA tomorrow!

      • +1

        Yup I think they play the numbers game in that the majority will just not bother switching as it's 'too much work' and if you are one of the people that does not mind doing the work to save the dollars they will try catch you on the way out….

        Good on you for switching though, I think if more customers did that they would drop step 1 on the refusal to match upfront…

    • What a bunch of bankers.

  • Shame they don't offer these rates to existing customers. I'll also be moving away after my renovation is complete.

    • The fixed rates actually are available for existing customers; just not the promotional basic variable rates.

      • Does that mean you have to break existing loan? I'm currently StG variable 2.54 + fixed 1.99. Can I change my fixed to the 1.79 rate without incurring fees ?

  • +1

    I'm with Westpac and in the middle of refinancing to HSBC. They offer similar rates and the cashback value is ever greater than Westpac. Will call Westpac tomorrow to see if they wanna keep me as their customer and match HSBC offer. Will let you know soon .

    • How are you finding HSBC with the refinance?

    • Watching and waiting for your 11am update ( as I’m with Westpac and fixed term ending in September) Plus the other 11am update is getting boring.

  • St george/banksa are grubs to existing customers and will delay your refinancing to no end.

  • +1

    As someone that previously worked in this Group for the loans department, the 2.24% OO no frills is the best deal for most people. For the fixed rate offers, after the fixed period ends you will roll into a bad standard variable rate, which would mean you need to refinance out to be on a lower rate costing thousands in fees. Also there are package fees ($395) which don't offer value for customers, limits on extra repayments and break fees. Lastly, any rate cuts are less likely to be passed on by the big 4 banks.

    Since there are potential thousands, if not tens of thousands dollars to be saved by going on the right home loan product, I suggest using an accountant, not brokers, to calculate the REAL costs of the loan.

    Personally I'm with Homestar finance and had no issues for the 4 years with them. Their P&I OO 1.79% (1.84%CR) is potentially the best deal on the market.

    Lastly, fun fact, a home loan is the most profitable product for banks

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