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ISCOVER
Staff Reporter
Westpac has the worst historical standard variable rate of all the majors, new research has revealed.
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According to 1300 HomeLoan’s new Australian Lenders’ Index, Westpac customers were “delivered the most uncompetitive home loan compared to the other major banks”.
“Data from the index has found that while Westpac has improved pricing in 2013, it has been consistently the worst performer for the past five years,” 1300 HomeLoan’s John Kolenda said.
Mr Kolenda said Westpac offered the highest interest rate for 29 out of the past 60 months, or 48 per cent of that period.
