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

Featured Real Estate
FULLY SELF CONTAINED... $9500.00 From
Cabin $12.5K for 6 x 2.4 x 2.5m fully installed. D.I.Y $9.5k bare ...
IMMACULATE 3 BEDROOM... $290 Weekly
House 3 1 2
BRAND NEW STUNNING HOME... $330 Weekly
House 4 2 2

Featured Jobs

Bundaberg jobs listed daily

Featured Jobs
BUSINESS ANALYST... Bundaberg Full Time
FULLY QUALIFIED... Bundaberg Full Time
Cabinet Maker Bundaberg Full Time
SCHOOL CLEANER Givelda Part Time


Local Partners

LATEST DEALS AND OFFERS

Local Jobs

Search for your next job now!
Learn More

View today's ePaper!

Read the digital edition
Learn More

Cars For Sale

Find cars for sale online now.
Learn More

Subscription Sale

Subscribe now for $1 for 14 days.
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

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

Edit Profile


Special Offers

Latest deals and offers

Horoscopes

Leo

You don't have to spend too much on a gift, but this may take a little more time in finding something appropriate for the one you love.

read more

Marketplace

Special Offers & Promotions

Compare & Save