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One of the biggest mortgage lenders has cut up to five basis points from its two- and three-year fixed-rate mortgages.
Westpac has cut its packaged two-year rate from 4.89 per cent to 4.84 per cent and its three-year rate from 5.13 per cent to 5.09 per cent. The new rates take effect on February 25.
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The move follows Westpac’s decision to reduce its three-year fixed rates by 26 basis points earlier this month and cut five basis points from its Premier Advantage Package in January.
Westpac’s general manager of mortgage broker distribution, Tony MacRae, said the latest rate cut was a win for brokers and customers.
“We are pleased to be able to demonstrate our continued commitment in backing both our broker partners and their clients by offering competitive two- and three-year fixed rates for home owners and buyers who are looking for an opportunity to get ahead with mortgage repayments, or save on the things that will matter the most to them this year,” he said.
A raft of lenders have announced rate cuts this year. ANZ recently announced rate cuts and $1,000 switching bonuses in response to the “increasingly competitive market”.
