Westpac Banking Corporation (ASX:WBC) is offering $1,000 cash back for new home loan applications in an attempt to lure house hunters.
The sweetener is designed to entice customers to the bank by offering $1,000 of credit into a Westpac Choice account on its new home loans over $250,000 until the end of October.
The bank is also currently offering a discount of up to 0.8 per cent off the variable rate home loan for those borrowing more than $500,000 and a 20 per cent discount on the first year of home and contents insurance for new homes.
Westpac is Australia’s second-largest home lender, and the latest move comes just one week after the bank cut the three-year fixed-rate on its
Premier Advantage Package home loan by 15 basis points to 6.44 per cent.
In the first half of its 2011 financial year Westpac recorded a net profit of $3.996 billion.
