Westpac today announced a range of mortgage interest rate cuts for variable home loan customers, including a reduction of .20% per annum (p.a) for owner occupier customers and a reduction of .35% p.a for investor customers with interest only payments.
In addition, Westpac has introduced a new first home buyer special for owner occupier principal and interest customers with a fixed rate of 3.49% p.a. for five years.
Westpac customers who choose to package their home loan with the Premier Advantage package receive an additional discount on their home loan rate.
The following interest rate changes will come into effect on Tuesday 18 June, 2019.
- Variable home loan (owner occupier) rate has been reduced by .20% p.a. to 5.18% p.a. for customers with principal and interest repayments.
- Variable residential investment property loan reduced by .20% p.a. to 5.73% p.a. for customers with principal and interest repayments.
- Variable home loan (owner occupier) rate reduced by .20% p.a. to 5.77% p.a. for customers with interest only repayments.
- Variable residential investment property loan rate reduced by .35% p.a. to 6.09% p.a. for customers with interest only repayments.
David Lindberg, Westpac Chief Executive, Consumer said today's rate change was carefully considered by the business.
"We took many factors into account in making this decision, including balancing the interests of all stakeholders.
"We are operating in an historically low interest rate environment, which creates the opportunity for home-owners to get ahead on their repayments. It is also a good time for first home buyers to get onto the property ladder with some of the lowest rates in the history of the Australian mortgage market available.
"At the same time, we understand there are some people doing it tough despite low interest rates, as growth in both wages and our economy remains low. We'd like to remind any customers in this position that we are here to help them get back on track with their loan repayments through our Westpac Assist service."
Currently 69% of Westpac home loan customers are ahead on their repayments, including offset balances.
Customers who would like information on this rate change are encouraged to contact their local branch, call Westpac Customer Care on 132 558.
