Westpac cuts by 0.28%, but not the cheapest of the Big Four

Westpac has trumped the Commonwealth Bank (CBA), sort of.

It has cut by 0.28%, with its variable home loans now at 5.7% standard variable rate (SVR).

Despite its 0.28-percentage-point reduction to its standard variable rate, it remains higher than CBA's 5.65%.

Westpac has held the highest SVR of the big four for several years.

“Today’s rate reduction is good news for home owners and will improve the faith in Australia’s economic outlook and provide a necessary boost to consumer and business confidence,” said Jason Yetton, the bank’s group executive of retail and business banking.

The ANZ will make its decision by Friday as part of its monthly interest rate review.

Both CommBank and Westpac said their new rates will come into effect on February 20.