Westpac takes 80 points off home loan rate
- 7th October 2008
WESTPAC Banking Corporation has reduced its standard variable home loan rate by 80 basis points to 8.56 per cent, passing on most of the Reserve Bank of Australia's (RBA) cut in the overnight cash rate.
Westpac's rate cut will be effective from October 13, the Sydney-based bank said in a statement.
The RBA, after its regular monthly board meeting today, announced it would cut the overnight cash rate by 100 basis points to six per cent, effective on Wednesday.
Last month, Westpac passed on all of the RBA's 25 basis point rate cut that was announced on September 2, reducing its variable mortgage rate to 9.36 per cent.
Meanwhile, Australia's biggest mortgage lender Commonwealth Bank of Australia Ltd (CBA) says it is reviewing its lending rates.
"Commonwealth's rates are under review," CBA spokesman Steve Batten said.
CBA passed on all of the RBA's 25 basis point rate cut last month, cutting its variable rate to 8.82 per cent.
- © AAP
