Westpac cuts interest rates by 0.25% in line with RBA
1 November 2011
Westpac will cut its standard variable home loan rate by 0.25% to 7.61% per annum following the Reserve Bank of Australia’s decision to reduce the official cash rate.
“Ongoing economic weakness in Europe continues to impact negatively on Australian business and consumer confidence. A reduction in interest rates will provide a timely boost to sentiment and generate a positive flow-on effect for the broader Australian economy,” Rob Coombe, Group Executive Westpac Retail and Business Banking, said.
Following the 0.25% rate cut, repayments on the average $250,000 household mortgage will reduce by approximately $41 per month.
Mr Coombe said Westpac was committed to helping its mortgage customers find the most competitive package to meet their financial needs and encouraged all Westpac customers to contact their local Bank Manager to examine the range of variable and fixed-rate home loan options
“Our Westpac Bank Managers live and work in their local communities and therefore have a very good understanding of their local customer base and how Westpac can help support their financial aspirations,” Mr Coombe concluded.
The 0.25% reduction in Westpac’s standard variable home loan rate will become effective on Monday 14 November 2011.