Westpac Cuts Rates for New Borrowers

[Guest siamsusie]

Westpac has cut home loan rates for new borrowers, lowering its three-year fixed Premier Advantage Package home loan rate by 0.2 per cent to 6.59 per cent.

 

The rate cut applies to new home loans of at least $150,000, Westpac said in a statement.

 

The package also offers a discount of up to 0.8 per cent per year off the variable rate on a new variable rate home loan of at least $500,000.

 

The move follows cuts by other banks to mortgage rates for existing customers.

 

Last weekend, ANZ announced cuts to its fixed-rate mortgages, including its three-year rate, to 6.44 per cent.

 

This followed the Commonwealth Bank cutting its fixed rates, including its three-year mortgage, to 6.59 per cent.

 

Westpac also recently reduced the rate on its three-year fixed rate Premier Advantage home loan by 20 basis points for existing customers.

 

The three-year fixed rate for will fall from 6.99 per cent to 6.79 per cent.

 

The moves come after Westpac subsidiary St George cut its two and three year fixed home loan rates, by 0.1 and 0.3 per cent respectively, late in July.

 

 

[gemjay]

Term deposit rates are falling due to interbank rates predicting interest rate cuts. Australian economy suffering a twin speed economy through high exchange rate leading to Dutch disease, time will tell if the RBA will act but they have plenty of room for cuts from here!