Westpac announces rate cut

The news is better for the bank's business loan customers, who will benefit from a 50 basis points cut.
The news is better for the bank's business loan customers, who will benefit from a 50 basis points cut. Kieran Salsone

WESTPAC has announced a 37 basis point cut cut to its variable home loan interest rate.

It means three of the big four banks have now cut their standard variable rates in the wake of the Reserve Bank of Australia's decision on Tuesday to slash 50 basis points from the cash rate to 3.75%.

But not one of Westpac, NAB or the Commonwealth passed on the full RBA cut.

ANZ Bank will meet next Friday to decide whether it moves on rates.

Westpac's new standard variable rate of 7.09% will take effect from May 14.

The news is better for the bank's business loan customers, who will benefit from a 50 basis points cut.

The Commonwealth Bank announced on Thursday it was cutting its standard variable rate by 0.4%, while NAB passed on a 0.32% reduction.

Topics:  business loans, economy, home loans, interest rates, rba, westpac



Local Real Estate

finda logo
Featured Real Estate
Penthouse living close... $269,000
Apartment 3 2 1
Make An Offer - Owner... $339,000
House 3 2 2
The Gulch Auction
House 2 2 2
Country living in... Auction
House 5 3 5

Featured Jobs

finda logo

Emerald jobs listed daily

Featured Jobs
Mechanic Wanted Dingo Full Time
Longwall Fitters... Norville Full Time
Subcontractors &... Emerald Contract



Local Partners

Local Profile

Horoscopes

Virgo

Your dreams are vivid, and there may be some psychic experiences that will help you come to a conclusion over a problem. Trust your instincts.

read more

Marketplace

Special Offers & Promotions

Compare & Save