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Media releases

Westpac cuts five year fixed rate home loan to 4.99%

 

23 July 2014

  • New rate is Westpac’s lowest 5 year fixed rate
  • Reduction takes effect from 28 July 2014

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

The new offer is effective from next Monday (28 July 2014) and represents a cut of 0.80% on the current five year fixed interest rate. It is also the lowest Westpac 5 year fixed rate on record.

“I’m delighted that we have been able to reduce the interest rate on our five year fixed rate mortgages which I know will be very appealing to those customers who are looking to lock in their repayments over the longer-term,” said Gai McGrath, Westpac’s General Manager of Retail Banking.

“Our aim is to be competitive at the same time as being able to provide certainty to customers for whom a fixed-rate home loan suits their particular circumstances.

“It also allows them to plan for the future as they look to own their home sooner and this is one way that we can help them do that.”

Note to Editors:

The offer of the new five -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 five-year rate is effective from Monday (28 July 2014) and is available to new and existing customers for a limited time.