Westpac cuts two and three fixed-rates below 4.99%

Larry SchlesingerDecember 7, 2020

Westpac will from Tuesday (June 18) cut its two and three-year fixed-rate home loan rates below 5% for package home loan customers.

The bank will cut both rates by 10 basis points to 4.99% for new borrowings under its premier advantage package offering.

The bank briefly flirted with a 4.99% interest rate for its two-year fixed rate home loan from February 7 to March 19. 

 

Term

Previous Rate
(Stand Alone) %

New Rate
(Stand Alone)
%

New Rate
(Premier Advantage Package) %

Change
%

1 year

5.44

5.44

5.24

-

2 year

5.29

5.19

4.99

-0.10

3 year

5.29

5.19

4.99

-0.10

It follows a host of lenders recently cutting their fixed-rate home loans with demand for the product rising to one in three borrowers, according to the May mortgage approval figures from Mortgage Choice.

Today HSBC cut its two-year fixed-rate home loan to 4.59% for a limited time and its three-year fixed rate home loan to 4.79%.

Official ABS figures show a fifth of borrowers fixed their home loan rate in April.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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