Westpac cuts rates by more than the RBA
Westpac announced it will reduce its standard variable mortgage rate by 0.28 per cent per annum to 5.98 per cent per annum. The new rate takes effect from 19 August 2013.
Customers on Westpac’s Premier Advantage Package who receive a minimum 0.7 per cent package discount on the headline standard variable mortgage will see their new effective rate fall to 5.28 per cent per annum.
The rate cut will save homeowners $52 a month or $624 a year in repayments on an average mortgage of $300,000. Since November 2011, Westpac has cut its standard variable mortgage rate by 1.88 percentage points which works out at an annual saving of $4,392 on an average home loan.