10 March 2011

Westpac reduces floating mortgage rates for Retail and Business customers

Westpac has reduced floating mortgage rates for Retail and Business customers by 0.50% in line with this morning’s Reserve Bank decision to cut the Official Cash Rate (OCR).

The move will now see the Everyday floating rate at 5.60% and the floating rate at 6.24%. The rates are effective from tomorrow (Friday March 11th) for new customers and from Thursday 31 March for existing customers.

This follows reductions in our fixed mortgage rates last week, giving customers both floating & fixed options below 6%.

Westpac’s General Manager Retail Bank, Gai McGrath, said customers should speak with their local Bank manager about home loan options to ensure they have the right financial products for their individual circumstances.