Westpac brands deliver full rate cut

Westpac subsidiary brands St George and Bank of Melbourne has followed their parent bank by passing on the full RBA rate cut.

Both banks will reduce their standard variable home loan rateby 0.25% to 7.3% per annum. However, Bank of Melbourne will cut its rate on December 16 while St George will wait until December 19 before passing on the rate cut.

Both banks have also cut variable business loan and business overdraft rates by 0.25% – effective from the same dates.

“St George cut its standard variable home loan rate by 0.25% in November and I’m pleased to let our customers know we’ve decided to cut our rates by a further 0.25%,” says St George Bank chief executive Rob Chapman.

 

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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