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Three banks slash variable and fixed rates

Huntley Mitchell 3 minute read

St. George Bank, the Bank of Melbourne and BankSA have announced cuts to their variable and fixed rates.

All three banks, which are owned by Westpac Group, have introduced a new variable rate of 4.19 per cent for their owner-occupied Basic Home Loan.

The new promotional rate is a 34-basis-point reduction on the previous rate for St.George and the Bank of Melbourne, while the new rate is a 14-basis-point cut on BankSA’s previous rate.

Although there is no set date on when the promotional offer will end, the new rate is only available for a limited time for new applications received from 1 July and for new customers switching into a new fixed rate.

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Clive Kirkpatrick, St. George’s general manager of mortgage broking, said the new rate is “a fantastic and highly competitive offer”.

“We are very excited to launch this extremely competitive rate and urge all brokers to take advantage and get out there to share the great news with their customers,” he said.

All three banks have also introduced a new two-year fixed promotional rate for owner-occupier loans at 4.34 per cent – a 40-basis-point reduction from the previous rate.

Furthermore, the banks have increased their five-year fixed rate for investors and owner-occupiers by 10 basis points to 4.74 per cent.

[Related: Westpac offers 0.49 per cent rate discount to borrowers]

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Three banks slash variable and fixed rates
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