Westpac shreds mortgage rates

Via Banking Day:

Westpac and its subsidiary banks have launched an aggressive round of mortgage interest rate cutting, with reductions of as much as 130 basis points.

Effective today, Westpac’s four-year investment fixed option (interest only) was cut 130 bps to 3.79 per cent.

Westpac’s basic variable rate, for owner occupiers, was cut 15 bps to 3.43 per cent. Its principal and interest variable rate for investors was cut 34 bps to 3.74 per cent and its interest only variable rate for investors was cut 44 bps to 3.99 per cent.

St George Bank and Bank of Melbourne cut rates by up to 39 bps, while BankSA cut its interest only basic variable rate for investors by 44 bps to 3.99 per cent.

The chief executive of comparison site InfoChoice.com.au, Vadim Taub, said: “The rates from the online lenders are too low to ignore. The big banks are reacting.”

APRA needs to tighten but it is corrupt.

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