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Westpac has announced its lowest headline standard variable mortgage rate in 50 years after making a cut of 22 basis points.
The major announced today that it had reduced the rate to 5.48 per cent.
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Most of the bank’s standard variable mortgage customers who receive a minimum discount of 0.70 per cent will move to its new Premier Advantage Package discount rate of 4.78 per cent.
Under the Premier Advantage Package, new borrowers – including customers looking to upgrade their home – will be able to take advantage of a 0.90 per cent discount on the latest headline standard variable rate if they take out a loan above $250,000.
Jason Yetton, group executive of Westpac’s retail and business banking, said the bank’s decision to reduce rates carefully balanced the different needs of the bank’s home loan customers.
“Today’s decision on mortgage rates takes the total reduction this year in the standard variable rate to 0.50 per cent,” he said.
“Our mortgage rates are now at their lowest in 50 years. Today’s reduction in home loan rates, coupled with the 0.28 per cent reduction announced in February, will save homeowners on the Premier Advantage Package $1,104 a year in repayments on an average mortgage of $300,000.”
Westpac also announced it will also reduce its headline variable business lending rate by 25 basis points.
The rate changes will be effective from 18 May.
