Westpac goes digital and launches new home loan product for refinancers

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The Big Four bank has announced the launch of a digital home loan product for customers looking to refinance before the end of the year.

Westpac’s new “Flexi First Option” digital mortgage will be available in the last quarter of 2022 for those refinancing, before being rolled out to more customers throughout 2023.

Westpac notes that the offer will initially be available to new and existing customers looking to refinance their owner-occupied variable rate home loan to Westpac’s Flexi First option through Westpac’s website or banking app.

Customers will be required to have 20% equity in the property and receive PAYG income, with more details including interest rates and comparison to come once the new product goes live.

The launch of Westpac’s “Flexi First Option” home loan signals Westpac’s intention to become a digital-first bank.

Westpac Group CEO Peter King said the changes are driven by customers who want fast, secure and personalized banking services to meet their needs.

“What we are announcing today is a step towards our future banking network and service model,” Mr. King said.

“We are investing to create a digital-first bank, where customers can choose to interact with us through end-to-end online channels.”

Westpac aims to replicate the likes of digital lender Nano with a digital mortgage process where customers can get unconditional approval for refinancing in as little as 10 minutes.

The launch of Westpac’s new digital home loan follows the trend of emerging lenders, with Up Bank, Unloan and OneTwo all launching home loan refinance products in recent months.

In addition, Lending Indicators data released earlier this month by the ABS revealed that the number of mortgage refinances increased significantly from April for homeowners and investors doing both internal and external refinances.

Westpac to integrate sub-brands into its branch network

Alongside the launch of Westpac’s new digital home loan product, the major bank has revealed that customers of St. George, BankSA and Bank of Melbourne will be able to transact in cash at any Westpac branch for the first time.

Westpac customers will also be able to bank at any regional branch of the Westpac Group.

“The co-location approach allows us to move two branches into one location in cases where the two buildings are located very close to each other,” King said.

“It maintains a physical presence for customers and signals a long-term investment in communities, while reducing footprint duplication in one location.”


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Are you buying a house or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.



Lender


Variable More details
ALREADY INCLUDES RBA RATE INCREASE IN JULYUNLIMITED WITHDRAWALS

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Already includes July RBA rate increase
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details
100% COMPLETE CLEARING ACCOUNTNO APPLICATION FEES OR ON-GOING FEES

Low Rate Home Loan – Premium (Principal & Interest) (Owner Occupant) (LVR
  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services

Variable More details
REFINANCING ONLY

Variable Rate Home Loan – Refinance Only

  • A low variable rate home loan from a 100% online lender. Supported by the Commonwealth Bank.
Variable More details
AN EASY DIGITAL APPLICATION

Careful variable real estate loan (capital and interest) (LVR

  • No ongoing fees – None!
  • Unlimited additional refunds
  • Easy online application, quickly find out if you are approved!
  • Redraw – Access your extra payments if you need them
  • Use the app for loan information to help you pay off your home loan faster

Careful variable real estate loan (capital and interest) (LVR
  • No ongoing fees – None!
  • Unlimited additional refunds
  • Easy online application, quickly find out if you are approved!
  • Redraw – Access your extra payments if you need them
  • Use the app for loan information to help you pay off your home loan faster


Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of July 27, 2022. See disclaimer.


Image by Westpac.

The entire market has not been taken into account in the selection of the products above. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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