If you don’t like Westpac’s rate rise …

Smaller lenders are trying to take advantage of the opportunity that Westpac’s recent rate rise is creating for them. Aussie Home Loans, Auswide Bank, AMP Bank and Macquarie Bank have all cut their variable home loan interest rates in the past week. They hope to lure dissatisfied Westpac customers and other borrowers looking for a better deal.

Aussie has cut 0.13 percentage points off their owner-occupier variable interest rate, taking it down to just 4.04 per cent.

AMP Bank has reduced its Essential Home Loan rate from 4.09 per cent to 3.99 per cent.

Macquarie Bank has cut the variable interest rate on its basic home loan from 4.24 per cent to 4.09 per cent.

Source: Banking Day