Westpac/St George cut rates

Westpac and St George have followed the other major banks and announced further cuts to standard variable mortgage interest rates. Westpac will reduce rates by 0.20 per cent from 8.56 per cent to 8.36 per cent. St George has announced a cut of 0.21 per cent to take its standard variable rate to the same level as Westpac's at 8.36 per cent. Westpac is in the process of acquiring St George. St George said the cut would save borrowers with a $250,000 mortgage over 30 years about $37 per month. NAB's Australian chief executive Ahmed Fahour said further cuts in rates were possible since the government's recent policy measure had eased pressure on the credit markets.

Source: The Australian Financial Review