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25 June 2009

Westpac number one again for first home buyers

Westpac has been named Australia's best bank for first home buyers for the second year in a row – winning research firm CANSTAR CANNEX's First Home Buyer Award.

In announcing the award, CANNEX said that Westpac was a convincing national winner that has reinforced the outstanding support it continues to offer first home buyers by taking out back-to-back First Home Buyer Awards.

CANNEX rated more than 403 loans from 115 lenders to determine not just the lowest-priced loans but the whole home-buying experience they offer.

Westpac's Group Executive for Retail and Business Banking, Peter Hanlon, said that the award recognised Westpac's expertise in supporting aspiring first home buyers around the nation.

CANNEX said that despite the challenging lending environment, Westpac has reinforced the outstanding support it continues to offer first home buyers by taking out back-to-back First Home Buyer Awards.

Earlier this year Westpac launched a new home loan especially for first home buyers called the Flexi First Option Home Loan which offers a competitive interest rate with the flexibility and options new home owners need.

Currently there is a special on the Flexi First Option Home Loan for first home buyers to pay no establishment fee, which saves $600.

"In these uncertain economic times, it can be difficult for anyone let alone first home buyers to know when to make their move into the property market."

"And with a diverse range of home loan products currently available in the market, first home buyers are always on the hunt for clear financial advice to help choose the best option for them and we have more than 550 dedicated home finance experts throughout Australia to help.

Westpac branches also offer free seminars for first home buyers that offer customers tips and advice from our home finance managers as well as local experts on buying their first home.

"Our local experts are there to take first home buyers step by step through the process of arranging finance, many of our branches are open on Saturday mornings so customers can sit down with an expert then go house hunting knowing what they can afford.

Westpac also offers a free First Home Buyers Guide available from www.westpac.com.au which offers helpful tips on saving for a deposit, choosing the right loan, applying for a loan and managing your mortgage.

"We encourage our customers to visit us at their local branch or call us on 131 900 for more information on how Westpac can help first home buyers," Mr Hanlon said.

A copy of the CANSTAR CANNEX First Home Buyer Awards report is available from www.canstarcannex.com.au