📰 Westpac helps savvy refinancers switch for savings
New data from Westpac shows Australians are looking for greater savings on their existing home loan, with a 45 per cent increase in people refinancing their home loan to the bank over the past quarter.
Westpac’s latest Home Ownership Report also revealed that almost a third (30%) of Australian homeowners are considering refinancing, while four in five (82%) refinancers want the process to be more digitised and less time consuming.
To help mortgage holders make the switch for savings, Westpac has rolled out a new rate of 5.84% p.a. for owner occupier refinancers with up to a 70% LVR, available through its Online Home Loan offer.
Westpac’s Online Home Loan offer allows customers to refinance their mortgage online through the Westpac app or website at any time, with less paperwork.
“With cost of living remaining top of mind for many Australians, savvy refinancers are making the most of the competitive mortgage market and shopping around for a better deal,” said Westpac Managing Director of Mortgages, James Hutton.
“Making the switch to Westpac through our Online Home Loan offer could save customers $169 on their monthly repayments, with savings over the life of the loan of $50,929+, based on a $600,000 owner occupier home loan with principal and interest repayments.
“We also know more Australians are choosing to manage their money online. We have more than six million digitally active customers, and more than 40 per cent of home loan customers have used online tech to save time on their application.
“We expect our refreshed offer, coupled with the convenience of refinancing online, will appeal to both owner occupiers and investors looking for a fast and simple way to achieve greater savings on their existing home loan,” said Mr Hutton.
Westpac first launched its digital mortgage for refinancers in 2022. Since then, the number of customers using the platform to refinance has more than doubled in three years.
“While our Online Home Loan offer is available direct to refinancers online, many customers will still choose to go to a lender or broker for their expertise and face-to-face support,” Mr Hutton said.
“If customers have complex needs or need tailored assistance during their Online Home Loan application, our experienced team of lenders and credit assessors remain ready to support the digital experience.”
The offer is available for customers refinancing their owner-occupied (5.84% p.a. for up to an LVR of 70%) or investor (6.09% p.a. for up to an LVR of 70%) variable home loan to Westpac’s Flexi First Option basic product via the Westpac website or banking app.
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