Westpac lowers standard variable home, small business and credit card rates
3 February, 2009
Westpac today announced a further decrease of 100bps to its standard variable home loan and business lending rates following changes to the Reserve Bank of Australia's (RBA) official cash rate. Westpac's new standard variable home loan rate will reduce to 5.91% per annum effective Monday 9th February 2009.
Interest rates on the Westpac Altitude, Altitude Business and 55-day credit cards will also be reduced by 100 basis points, effective Thursday 12 February 2009.
"While wholesale funding markets remain challenging, Westpac is pleased to support our customers in these difficult economic times by passing on the full reduction in the RBA's cash rate across a range of home and business lending, and credit card products," Westpac Group Executive, Retail and Business Banking, Peter Hanlon said.
"Household budgets will benefit from this timely relief with repayments on the average $250,000 household mortgage dropping by an additional $158 per month. Many families, and small business owners, will also benefit from the 100 basis point reduction in credit card and business lending rates."
In addition to reducing Westpac's standard variable home loan rate, Westpac also has a number of competitively-priced fixed rate loans for those customers looking for interest rate certainty, including a market-leading three-year rate of 5.49% when taken as part of Westpac's Premier Advantage Package.
Westpac also continues to support customers in financial difficulty through its Westpac Assist initiative which has assisted more than 14,000 customers with more than $1 billion worth of loans since its establishment in November 2007.
Further, in recognition of the likely downturn in the Australian economy, Westpac has earmarked additional funding to expand our Westpac Assist (including Business Assist) as required.
Westpac Assist has a team of specialists able to provide personal assistance to help our customers find the best possible way to regain and maintain control over their finances. Customers facing financial difficulties in relation to their Westpac loans or accounts can contact Westpac Assist on 1800 067 497.
