Westpac cuts standard variable rate by 0.37 percentage points

Jonathan ChancellorMay 3, 2012

Westpac has lowered its home loan rates by 0.37 of a percentage point, less than the Reserve Bank of Australia’s supersized official 50-basis-point cash rate reduction on Tuesday.

Westpac's new mortgage rate will be 7.09%.

The cut is less than Commonwealth Bank, but more than NAB. ANZ customers will have to wait until next Friday to learn what the bank will do.

 

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.