Westpac has cut interest rates on its fixed rate home loans

Westpac bank reduced rates for its Home and Investment Property Loan for two to 12 year fixed rates, effective today. The two and three year fixed rate products will see a 20 basis point decrease, while the four through 12 year products have been cut by 10 basis points. Westpac stated that the reduction gives them the leading rate among the majors for two and three year fixed loans.

Westpac slashed fixed rates because of an easing of the bank’s cost of funds for fixed rate products. The uncertainty surrounding future RBA rate decisions could lead some consumers to consider locking in their rates.

Given the current environment of uncertainty surrounding the future direction of RBA moves, it is a good time for customers to consider fixing a portion of their loan.


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