Powered by MOMENTUM MEDIA
subscribe to our newsletter

Westpac Group cuts fixed rates

Westpac and its subsidiaries have reduced its owner-occupied and investment property fixed home loan rates, effective 24 November.

Westpac, St.George Bank, BankSA and Bank of Melbourne have reduced their fixed rate owner-occupier loan with principal and interest by 50 bps.

The new rates are available for new loans and existing variable rate home loan customers.

Westpac’s new rate for a five-year term is 2.29 per cent per annum (3.31 per cent per annum comparison rate) while Bank SA, St. George and Bank of Melbourne are offering a 2.44 per cent per annum rate (3.87 per cent per annum comparison rate for Bank SA and Bank of Melbourne, and 3.88 per cent per annum comparison rate for  St. George).

BankSA, St.George and Bank of Melbourne's new rate for the Advantage Package is 2.29 per cent per annum (3.29 per cent per annum comparison rate).

Advertisement
Advertisement

For its fixed rate investment property loan with principal and interest repayments, Westpac has reduced rates by 10 bps to 30 bps across one, two, three, four and five-year loan terms.

Westpac’s fixed rate investment property loan with interest-only repayments have dropped by between 20 bps and 40 bps across the same loan terms. This excludes any loan-to-value discounts for new loans.

The major bank’s fixed rate residential investment loan with principal and interest repayments have been reduced by between 10 bps and 30 bps.

The fixed rate loan interest rates must be under the Premier Advantage Package.

BankSA, St.George and Bank of Melbourne fixed rate residential investment loan with principal and interest repayments and fixed rate residential investment loan with interest-only repayments have been reduced by between 20 bps and 40 bps across the one to five-year terms.

PROMOTED CONTENT


For fixed rate loan applications submitted prior to 24 November, if customers have already rate locked their fixed rate, and if the rate locked in is higher than the new rate, they will receive the new lower carded rate applicable to their loan on the date the loan settles (provided that there is no further fixed rate change).

For all banks, fixed rates are applicable to new fixed rate and existing variable rate home loan customers looking to fix all or part of their loan.

N.B. This article has been updated to include comparison rates for the five-year fixed rate owner-occupier loan with principal & interest repayments.

[Related: Declining mortgage rates expected to continue: RBA]

Westpac Group cuts fixed rates
Westpac Group cuts fixed rates
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

Latest News

Several lenders, including the major banks, have announced relief measures for Victorian borrowers impacted by the floods. ...

The major bank has forecast an RBA tightening in two steps in H2 2023 to take the official cash rate to 0.5 per cent by the end of 2023. ...

Housing-related consumer sentiment has plummeted by 27 per cent since November 2020, and is in pessimistic territory for the first time sinc...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.