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2 September 2008

Westpac reduces standard variable rate

Westpac Banking Corporation today announced a decrease of 0.25% to its standard variable home loan rate reducing it to 9.36% effective Thursday 4 September 2008, following changes to the Reserve Bank's official cash rate today.

"The decision to reduce our standard variable rate reflects Westpac's considered approach to managing the impact on our customers of the challenging funding environment we are experiencing," Westpac Group Executive, Retail and Business Banking, Peter Hanlon said.

"Although funding costs remain volatile, we are conscious of the pressure many families are experiencing in the current economic environment and are pleased to be able to deliver some rate relief."

In addition to reducing Westpac's standard variable rate, Mr Hanlon noted that Westpac also had recently reduced its fixed rate mortgages and had a number of attractive loan offers for those customers looking for interest rate certainty. These included the lowest generally available rates in the market for three, four and five year fixed loans at 8.19% as well as a one-year fixed rate of 8.49%.

Mr Hanlon encouraged customers to discuss their options with their home finance manager.

Customers facing financial difficulties in relation to their Westpac loans or accounts can also contact Westpac Assist on 1800 067 497. 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.