Westpac Banking Corp
(ASX:WBC) is offering bigger discounts on home loans to win back market share, according to media reports.
A UBS analysis reportedly shows the lender is winning a smaller share of new loans relative to its size compared with the three other big four banks.
Westpac is offering discounts of as much as 0.9 percentage points to new customers, from a standard variable home loan rate of 5.98 per cent.
The UBS report found Westpac is writing 16 per cent of its mortgage book in new loans, compared with 25 per cent for Australia and New Zealand Banking Group
(ASX:ANZ) and 21 per cent for the National Australia Bank Limited
(ASX:NAB) and Commonwealth Bank of Australia
(ASX:CBA).
Westpac delivered a net profit of $3.3 billion in the first half of fiscal 2013.
