Big banks rollout big mortgage deals

ANZ launched an offer this week to pay $1000 of switching costs for customers applying for a Simplicity Plus or Breakfree Package mortgage.

The offer includes a waiver on the $600 application fee for Simplicity Plus and on the first year of the $375 annual Breakfree fee.

ANZ is offering an 80 basis point discount on the Breakfree standard variable rate and 15 basis points on fixed rates. The offer runs until the end of September.

On Monday, Commonwealth Bank dropped the rate on its No Fee Variable Rate Home Loan by 13 basis points to 7.11 per cent.

National Australia Bank has been leading the charge on rates, through its online offshoot, UBank, which is offering a special rate of 6.59 per cent for borrowers refinancing.

Westpac has not been as aggressive, but it did announce cuts to its fixed rates on Tuesday.

Source: Banking Day