Westpac cuts fixed rate home loans
24 September 2012
Westpac announced today (September 24) that it is to cut its fixed rate home lending with the the new offers taking effect from Tuesday September 25.
The reduction in fixed rates will see cuts of between 10 and 15 basis points to the two, three, four and five year offers, making them amongst the lowest in the market place. It also takes the popular three year fixed rate loan to its lowest level since April 2009.
When the discounts of 0.2% in the popular Premier Advantage Package (PAP) are included in the latest reductions, the new offers will see the following rates apply:
- Two year fixed loan – down 0.15% to 5.54%
- Three year fixed loan – down 0.10% to 5.54%
- Four year fixed loan – down 0.10% to 5.89%
- Five year fixed loan – down 0.10% to 5.89%
The existing discounted one year offer remains unchanged at 5.69%.
"We have experienced an increasing demand for fixed rate loans, particularly for extended periods of time as a growing number of our customers look for certainty, security and peace of mind over their mortgage repayments,” said Jason Yetton, Group Executive of Westpac's Retail and Business Banking division.
"As a result, we are pleased to be able to offer these very attractive rates that put us in a market leading position amongst our major peers in what is a very competitive market.”
Editor’s Note: As well as the discounts offered, the benefits of Premier Advantage Package also offer free loan increases, switching and portability, a range of annual fee-free credit cards, no account keeping fees on deposit accounts and discounts on other products including our market leading Home and Contents Insurance.