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Media releases

Westpac cuts two year fixed rate home loan to 4.99%

 

7 February 2013

  • New rate is lowest level since April 2009
  • Best two year offer amongst the major banks 
  • Special offers opens today

Westpac has provided a significant boost to home-owners by cutting interest rates on its packaged two year fixed rate mortgage that takes the new rate to 4.99%.

The new offer, which includes a packaged discount of 0.2%, is effective from today (7 February) and represents a cut of 0.4% on the current two year fixed interest rate.

It is a market leader among the major banks and is Westpac’s lowest offer on two year fixed rates since April 2009. It comes after Westpac led the way last year in cutting fixed rates across its range of fixed rate home loan offers.

“As our customers have seen in this volatile and highly competitive market, interest rates move around a lot and for those home owners who are looking for security and peace of mind about their loans and monthly repayments this offer delivers both for a significant period of time,” said Jason Yetton, Group Executive, Westpac Retail and Business Banking.

“I’m particularly pleased that we are able to offer the most attractive two year deal in the market place amongst the major banks. Yet again, Westpac is leading the way.”

Note to Editors:

The offer of the new two-year fixed rate home loan of 4.99% includes a discount of 0.2% under Westpac’s award-winning Premier Advantage Package. As well as the discounts offered, the benefits of the 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.

The new 4.99% packaged two-year rate is effective from today (7 February) and is available to new and existing customers for a limited time. It currently compares to the other major banks as
follows:

  WBC CBA NAB  ANZ
2yr (packaged) 4.99 5.29 5.34 5.34

The interest rates on Westpac’s other fixed rates property loans covering periods of between one year and 12 years remain unchanged.