A major bank has made a pre-emptive move to woo borrowers ahead of tomorrow's anticipated rate cut.
Westpac has lowered the minimum loan amount eligible for its 0.7% discount rates from $250,000 to $150,000 through the bank's Premier Advantage Package. The bank previously offered a 0.4% disccount for loans of $150,000.
Westpac group executive of retail and business banking, Jason Yetton, has told Fairfax he expects the move to generate $1bn of lending growth by the end of the financial year.
The bank has also made cuts to its one- and three-year fixed rates. Westpac dropped its one-year rate to from 6.49% to 6.34%, or 6.14% with a 20bp discount available through the Premier Advantage Package. The bank's three-year rate has been cut from 6.53% to 6.39%, or 6.19% with the 20bp discount on offer.