The war between Australia’s major lenders shows no signs of abating, with Westpac slashing rates across a number of its mortgages.
Yesterday, the major announced its plans to cut the interest on its two, three, four, five and 10 year home and investment property fixed loans.
The lender cut up to 20 basis points from the various products, taking its two year fixed rate to just 7.39 per cent from 7.54 per cent.
Last week, Westpac’s general manager broker distribution Huw Bough told The Adviser that the major was determined to ramp up its level of market activity by offering a suite of competitively priced products.
“We are continually seeking feedback from our broker partners, asking them what product or policy areas could be improved. We are actively listening to their feedback and working off this advice. We want to increase the flow of business we receive from the broker channel and there are levers we can pull to make sure this happens.”
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