Westpac is offering bonus interest on its eSaver online savings account and a discounted home loan offer which we hope will brighten our customers’ celebrations.
Customers wanting to save will receive bonus interest for the first 3 months when opening a new Westpac eSaver account. Customers can enjoy ongoing access to their money via their linked account and earn up to 4.11% p.a. variable rate on their new account for 3 months (includes 1.61% p.a. introductory fixed bonus rate for 3 months plus 2.50% p.a. standard variable rate).
To help those buying property save more now and in the long term Westpac is offering a discount of 0.90% off our standard variable rate until 29 November 2013 for new home loans of $250,000 or more under Westpac’s Premier Advantage Package. In addition, customers can also receive savings from a range of Westpac and BT Financial products and services covered under this package.
Damien MacRae, General Manager of Westpac Premium said: “Westpac has always had strong ties with the Indian community; we have a diverse workforce who actively work to serve and provide our customers with a great experience when they deal with Westpac.”
“I’m delighted that we are able to continue to support the Indian community giving our customers the opportunity to save more or use the money to celebrate their new home with family and friends,” he said.
Saving on the variable rate is only one way that Westpac helps customers own their own home sooner. Mr MacRae points out a number of ways new and existing property owners could look at to pay off their home loan earlier as highlighted by the findings from the recent Westpac Home Ownership Report.
1. Use an offset account – Have your salary paid directly into your offset account so that it starts offsetting against the balance of the mortgage straight away.
2. Plan ahead – Use an offset calculator to visualise how you can save money and reduce the life of your loan. You can access this calculator at westpac.com.au/homeowns.
3. Increase frequency of repayments – While simple this is a great way to make savings on your home loan. For example, paying half your monthly repayment every fortnight means you would make the equivalent of an extra month’s repayment every year.
4. Spend money to save money – If you can afford to increase your repayments, this can mean significant savings over the life of a loan.
5. Make lump sum payments – Consider putting any lump sums of money you receive into your offset, such as a tax refund or any bonus.
6. Take advantage of rate cuts by keeping your repayments the same. You would be surprised at how much of a difference making even small decreases will make over time.
Offshore, Westpac is building its capability in the Mumbai branch which it opened 12 months ago. The Mumbai branch is equipped to offer retail banking products and services to Westpac customers, providing a convenient and safe banking experience to the Indian community.
To find out more about Westpac’s product offerings visit www.westpac.com.au today.