Westpac slims down rate cut

Thursday 09 April 2009

Article by Mozo

Westpac has announced that it will bring its home loan interest rates down by ten basis points following the 25 point cut from the Reserve Bank.

In a statement to its customers, the home loan provider said that from April 20th, its new variable home loan interest rate will be lowered to 5.81 per cent.

Spokesperson Peter Hanlon said the bank had been hit by rises in the cost of wholesale borrowing which it had not been able to recoup in rising contributions to deposit accounts.

"Westpac continues to manage the challenging funding conditions with careful consideration of the deteriorating economic environment and the impact on our customers," he added.

The decision follows an announcement from NAB that it would be keeping its home loans at the pre-cut rate, insisting that it had chopped off more in previous months.

Aussies looking to compare home loans in the coming weeks may also notice that CBA has decided to only cut its rates by ten percentage points.

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