Major bank slashes fixed rates

by Julia Corderoy03 Nov 2015
Following its variable rate increase announcement, Westpac has announced it will be cutting rates on its two and three-year year fixed rate home and investment loan products.

Effective from last Friday, 30 October 2015, Westpac’s rates for its two and three-year fixed owner occupier and investment property home loans will decrease by up to 10bps and 12bps respectively.

These changes will bring the standalone owner occupied two-year fixed rate to 4.39% (5.41% comparison rate) and the three-year rate to 4.49% (5.35% comparison rate). The owner occupied Premier Advantage Package rate will be dropped to 4.19% (5.05% comparison rate) for the two-year fixed loan and 4.29% (5.02% comparison rate) for the three-year fixed loan. 

The standalone two-year fixed investment loan will be dropped to 4.64% (5.67% comparison rate) and the three-year fixed rate will be decreased to 4.74% (5.61% comparison rate).  The investor Premier Advantage Package rate will be dropped to 4.44% (5.31% comparison rate) for the two-year fixed loan and 4.54% (5.28% comparison rate) for the three-year fixed loan.

According to the announcement to brokers, obtained by Australian Broker, the major bank said these rate changes were made “following a review of the current market place”. 

COMMENTS