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
"Waterfront... $1.795M
House 4 3 2
Space, Class and... $1,090,000
House 4 2 5
Your Green, Dream... Open to Offers
House 4 2 2
LOCATED WELL - PRICED TO... $427,000
House 3 2 1

Featured Jobs

finda logo

Emerald jobs listed daily


Featured Jobs
Dental... Emerald Part Time



Local Partners

Local Profile

Stay Connected

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Horoscopes

Libra

No one can cramp your style today as the Moon and Mars indicate a strong drive to get mobile and physical. This is advisable. Someone is...

read more

Marketplace

Special Offers & Promotions

Compare & Save