Westpac cuts interest rates for home and business lending by 0.25%
8 December 2011
Westpac today announced it will cut its standard variable home loan and business rate by 0.25%. This means customers with an average mortgage of $300,000 will see their repayments reduce by approximately $49 per month (principal and interest loan).
Westpac Group Executive, Retail and Business Banking, Jason Yetton said: “The unstable and deteriorating economic situation in Europe poses significant risks to global financial markets. This is placing pressure on both the availability and cost of raising funds overseas to support mortgage and business lending in Australia. This was a difficult decision but one we felt was the right one in balancing our desire to support confidence and growth in Australia during these challenging times”.
Most Westpac customers pay less than the standard variable rate. Mr Yetton said: “Over 85% of Westpac customers have our Premier Advantage Package which includes a reduced rate and fee waivers as a result of their choice of product and the depth of their relationship with us. Westpac customers should contact their local Bank Manager to ensure they have the most competitive package to meet all their financial needs”.
Westpac will also cut its business rates by 0.25%.
Effective 19 December 2011, Westpac’s new standard variable home loan rate will be 7.36%. Business rates will also be effective on this date.