Westpac scheme cuts interest payments

 THE Westpac Bank has unveiled a new campaign to show customers ways to save thousands of kina in interest payments and help them pay their home loans faster.  

The bank has also reduced its variable home rate from 9.2% to 7.99% and slashed its fees, for a limited time. 

Head of retail banking Adam Downie said: “Today’s home buyers are faced with a range of home loan choices and complex decisions. 

“While Westpac’s headline rate is very attractive, new and existing home loan customers should also look at the existing home loan fees that their current bank is charging.  

“We are very confident this current offer is the most attractive of any of PNG’s major commercial banks and we encourage Westpac and other Bank customers to talk to us about the value of a Westpac Home loan for them”

Westpac regional manager, SME and Retail Sales, Yawetau Salem said: “The key aspect of this new offer is to show interested customers how to save thousands of kina.

“In terms of benefits, when you obtain financing for K200,000 to buy a house at 9.20% with a fee of K2,000 and a term of 20 years, your repayment will be set at K1,810 per month (K21,720 per annum),” Salem said.

However, based on 7.99% and similar amount and term, your repayment will be K1,656 per month (K19,872 per annum) and a fee of K1,000 (50% discount).