Westpac launches Redpac
Home borrowers are being offered significant discounts on a wide range of banking services if they take a mortgage out with WestpacTrust.
Wednesday, September 27th 2000, 8:02AM
by Paul McBeth
For an annual $300, the bank is offering discounted rates on its Choices home loans, cheaper insurance and a waiver of loan set-up and redocumentation fees as well as of other banking and credit card charges. WestpacTrust will also waive entry fees on unit trust investment or retirement plans as part of the deal.
While it's not uncommon for banks to offer such things as reduced bank fees for customers borrowing over a certain amount, the WestpacTrust move goes a step further in combining a string of incentives related to the bank's different business areas.
Billed as a package that "recognises and rewards your significant banking relationship", Redpac is available to customers with home loans totalling $150,000 or more. When your borrowing drops below that level, you can hang on in there - as long as you pay that annual $300.
WestpacTrust says its interest rate discounts are 0.25 per cent p.a. on new and existing floating rate loans and 0.1 per cent on new fixed rate loans. That increases for anyone with a loan of $250,000 or more to 0.5 per cent and 0.2 per cent respectively.
Paul is a staff writer for Good Returns based in Wellington.
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