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Two of the big four banks have now passed on the RBA rate cut in full.
Westpac today announced it will reduce its standard variable mortgage rate by 0.28 per cent to 5.70 per cent per annum. The new rate takes effect on 20 February 2015.
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Customers on Westpac’s Premier Advantage Package who receive a minimum 0.70 per cent package discount on the headline standard variable mortgage rate will see their new effective rate fall to 5.00 per cent per annum.
The new rate takes Westpac’s home loan rates to their lowest level in six years. The reduction in home loan rates will save homeowners $52 a month or $624 a year in repayments on an average mortgage of $300,000.
“Today’s rate reduction is good news for home owners and will improve the faith in Australia's economic outlook and provide a necessary boost to consumer and business confidence,” said Jason Yetton, group executive of Westpac Retail and Business Banking.
“Over 67 per cent of our customers are ahead in their mortgage repayments thanks to the benefits of our award-winning Rocket Repay offset account. The smart use of an offset account combined with lower interest rates including today’s cut will help our customers realise their dream of home ownership a lot sooner.”
Under the Premier Advantage Package, new borrowers, including customers looking to upgrade their home, will be able to take advantage of a 90 basis point discount on the latest headline standard variable rate if they take out a loan above $250,000. This means they would pay no more than 4.80 per cent per annum on the current rate.
Westpac’s award-winning Flexi First Option Home Loan also offers customers buying their first home with more flexibility including competitive discounts on mortgage rates and no up-front or ongoing fees.
Homeowners looking for security and peace of mind around their mortgage repayments could choose to fix all or part of their mortgage through attractive fixed-rate package discount offers including a two-year rate of 4.84 per cent or a three-year rate of 4.94 per cent.
