Westpac cuts business and home loan interest rates
Westpac today announced a reduction in its variable home loan (owner occupied) and residential investment property loan rates by 0.25%. It also announced a reduction in variable rate small business loans by 0.25%. The effective date is 23 May, 2016.
This will bring the headline owner occupier home loan variable rate to 5.43% per annum (comparison rate 5.57% per annum*) and the headline residential investment property variable rate to 5.70% per annum (comparison rate 5.84% per annum*).
George Frazis, Chief Executive of the Consumer Bank said today’s decision was good news for home loan customers and those looking to buy a new home. “Helping more Australians’ move into home ownership remains the top priority for Westpac’s Consumer Bank, and today’s announcement is good news for customers.”
Note to Editors:
Westpac has a range of home loan options available to customers including splitting loans between fixed and variable rates. Customers are encouraged to discuss their banking arrangements with their local Bank manager or by contacting Westpac on 132 558 or visiting www.westpac.com.au .
*Comparison rates are based on a loan of $150,000 over a term of 25 years.
NOTE: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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