Westpac reduces business loan rates

Bosses at Westpac believe that companies across Australia need all the help they can get at the minute, as trading conditions remain tough.

Company representative Jason Yetton announced that the lender has lowered the interest rates attached to its business loans by 0.5 per cent.

This comes after the Reserve Bank of Australia (RBA) reduced the official national cash rate by 50 points on Tuesday (May 1st).

The pressure is on Australian banks to pass the cuts on to firms throughout the nation and Westpac is the third of the "big four" to do so. ANZ is set to make a decision next week.

Westpac has also trimmed its mortgage rates by 0.37 per cent to 7.09 per cent.

"We want to continue to help both our business and mortgages customers, while maintaining attractive high interest rates on deposits," Mr Yetton remarked.

He added that the RBA's decision to slash interest rates was just one of numerous factors behind Westpac's latest move.

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