- Westpac the mortgage interest rate is falling
The large banks of Australia are fighting for new customers with Westpac that lowers variable mortgages prior to an expected official rate reduction.
Westpac, the second largest lender in Australia, has reduced its variable rates to buy 40 basic points to 6.44 percent.
This means that borrowers will not see an increase of 40 basic point after the introductory period of two years has expired.
Westpac made the move on Monday, prior to the expected announcement of the reserve Bank of Australia on Tuesday afternoon.
The Big Four Banks universally expect the RBA to lower for the first time since November 2020.
The large banks of Australia are fighting for new customers with Westpac that lowers variable mortgages prior to an expected official rate reduction
