Westpac plans home loan rate cut

Aussies looking for low-interest home loans will soon be able to benefit from reduced rates from Westpac.

The bank has announced that from Tuesday 16th, its one-year fixed-rate deals will reduce by 0.30 per cent, taking headline offers to 8.29 per cent.

Meanwhile, the bank’s three, four and five-year fixed home loans will come down by 0.20 per cent.

Westpac’s Peter Hanlon announced: “The movements that we’ve seen over recent weeks have prompted us to say there’s an opportunity to pass on our savings to new home buyers.”

It follows earlier cuts in variable rates which were announced earlier this month by all four major banks after the Reserve Bank of Australia cut the base rate by 0.25 per cent.

Westpac matched the rate cut, with Mr Hanlon stating that the bank was keen to give families struggling with current money pressures a break and was happy to be able to pass on the rate cut.ADNFCR-1761-ID-18782119-ADNFCR