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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).

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.

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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.

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]

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