Bankwest has today cut its two year fixed rate home loan to 5.49 per cent p.a. (comparison rate of 7.38%) in anticipation of a sharp reduction to the official cash rate next week.
According to the WA based bank, the fixed rate loan is the most competitive in the market beating its nearest rival by 50 basis points. Bankwest also reduced its one year fixed rate home loan to 5.99 per cent p.a. (comparison rate of 7.65.)
The RBA is expected to cut the official cash rate by a minimum of 0.75 per cent with some predicting as much a 1.25 per cent.
Bankwest’s head of mortgages and savings Paul Vivian said changes in market conditions meant bankwest could continue to reduce some of its fixed rate products.
“We haven’t seen rates like these in a while and as the market changes, we continue to assess our portfolio to ensure we are as competitive as we can be, “he said.
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