This is turning into a smash:
Effective on 30 June 2017, Westpac will reduce its variable rate interest rates for customers paying principal and interest on their owner occupier home loans by 8 basis points to 5.24% per annum (comparison rate 5.38% per annum*).
Westpac will also adjust interest only rates for variable home loans as follows:
- Owner occupier interest only rate will increase by 34 basis points to 5.83% per annum (comparison rate 5.97% per annum*
- Residential investment interest only rate will increase by 34 basis points to 6.30% per annum (comparison rate 6.43% per annum*)
The bank is also tightening income criteria.
Do not expect the rate cut to offset the hike which has now almost unwound the last four rate cuts for specufestors: