HOME LOAN FIX RATE CHANGES
August 05, 2022 at 11:51 AM
Westpac have joined other banks today by decreasing their home loan fix rates.
6 Month Fix Rate decreased from 5.35% to 4.99%
12 Month Fix Rate decreased from 5.35% to 4.95%
18 Month Fix Rate decreased from 5.59% to 5.29%
36 Month Fix Rate decreased from 5.99% to 5.69%
48 Month Fix Rate decreased from 6.29% to 5.99%
60 Month Fix Rate decreased from 6.39% to 6.09%
CAN I ASK FOR A LOWER RATE WITH MY OWN BANK, IF THEY ARE NOT ADVERTISING THE LOWEST RATE?
Please remember that the rates listed above are advertised, so there could be an opportunity to negotiate. There are a number of factors that will be considered by your bank:
- How long have you been with your bank?
- The equity or LVR position you currently have. i.e >20% equity in your home and/or 40% against your investment properties.
- The likelihood you are in a position to refinance if the rate offered is not to your expectation? E.g., If you have other loans fixed and they are not due to expire for a period of time. They may believe you are not likely to move to another bank and pay break/ solicitor costs.
- Last and by no means least, do they have enough margin (profit) to negotiate and by how much?
It pays to check with your bank or contact us to see if we can get you the rate you want - we do not charge a fee to negotiate on your behalf!
We recommend that you check current rate details with us or the respective banks by clicking the links provided below as the rates above can change without notice.