Westpac cuts fixed mortgage rates

Westpac is the latest lender to cut its fixed mortgage rates.

The bank has cut the three-year fixed rate on its Premier Advantage Package by 15 basis points to 6.44% per annum.

In addition, Westpac has also cut one and two-year fixed-rate loans by 20 basis points to 6.49% for customers taking out the Premier Advantage Package.

The new rates apply for loans of at least $150,000.

As part of its spring promotion, Westpac is also offering a 0.8% per annum off the variable rate on a new variable rate home loan of at least $500,000 for customers that qualify for the Premier Advantage Package.

Yesterday, the Greater Building Society cut its one-year fixed-rate mortgage to 5.94% and also reduced its three-year fixed home loan rate to 6.35% per annum.