Westpac commits to 100 basis point cut

Following today's RBA announcement to shed 100 basis points off the cash rate, to 3.25 per cent, Westpac has jumped the wagon and become the first of the major banks to announce it would pass on the full rate reduction.

Effective from Monday 9th February 2009, all personal and business lending products will be reduced, with Westpac's standard variable mortgage rate coming down to 5.91 per cent.

The Altitude and 55 Day card credit card portfolio's will also receive the full 1 per cent cut, however the new rates won’t kick in until Thursday February 12th.

Westpac's retail and business banking group executive, Peter Hanlon said “Westpac was pleased to support their customers during these difficult economic times”.

Source: News.com.au