Fixed rate cutting has continued, with another major bank trimming rates.
Westpac has announced a further 5bp cut to its three year fixed rate. Effective from 21 August, the bank's standalone three year fixed rate will be reduced from 5.19% to 5.14%. As part of the lender's Premier Advantage Package, the rate will be discounted to 4.94%. The change also applies to the lender's fixed rate SMSF
investment property loans.
The rate cut follows on the heels of yesterday's announcement that Commonwealth Bank would cut its three year fixed rate by 15bps to 4.94%.