The new rates are highly competitive with the six and 12 month rates now at 5.25% while the new 18 month and two year rates are 5.40%. The cuts follow the recent slashing of its four and five year terms and Westpac remains the only bank with all fixed rates below 6%.
Westpac’s General Manager Retail, Gai McGrath, says more and more customers are looking for longer term certainty and Westpac wants to provide them with flexibility and choice.
“Over the last few months customers have started to opt for longer term certainty and we want to ensure that across all terms we are able to offer competitive rates that suit their individual requirements,” Ms McGrath said.
“Our rates represent real value and provide homeowners with options and flexibility in how they want to structure their lending so it meets their needs and circumstances.”
The new rates are:
- 6 month 5.25% (down from 5.59%)
- One year 5.25% (down from 5.45%)
- 18 month 5.40% (down from 5.65%)
- Two year 5.40% ((down from 5.45%)
