On Thursday, 20 June 2019 Westpac made a bold move to reduce their serviceability assessment rate from 7.25% to 6.50% for first home buyers.
APRA set a floor of 7.00% in December 2004.
Late Thursday night, Westpac made an abrupt about-face back flip after incurring the prudential regulator's wrath by removing the it without approval.
What is more important than shoving money down the throats of first home buyers, without regulatory approval, is to offer them substantially better interest rates than what Westpac currently offers compared to the market.
What is equally important is to extend the same courtesy to existing customers.