Westpac reduces two key home loan rates ahead of an end-of-month review of their 'healthy cash bonus'

Short headline: 
Matching their rivals

Today, Westpac have announced two home loan rate cuts.

This makes those two rates very competitive with their main rivals.

They have cut their three year 'special' to 5.59%, down -30 bps from 5.89%.

And they have cut their five year offer to 5.75%, down -24 bps from 5.99%.

Both changes are effective immediately.

The criteria for 'special' mortgage rates at Westpac requires a minimum of 20% equity, salary credit to a Westpac transaction account plus a Westpac credit card or a specified Westpac insurance product, to be approved or issued prior to drawdown date.

These special fixed interest rates cannot be used in conjunction with any other Westpac home loan offers or discount packages, including previously negotiated offers or legal fee contributions.

Westpac's 'special two yuear rate of 5.39% is unchanged, as is their "healthy cash bonus" which is Westpac's code that they will likely match waht their rivals offer. Westpac's "healthy cash bonus" is due to be reviewed at March 31.

Although Westpac has moved its three year rate down today, the lowest three year rate among all banks is still available from HSBC at 5.29%. 

The lowest five year rate is still 4.99% available from SBS Bank.

See all banks' carded, or advertised, home loan rates here.

The current non-rate incentive offers are here.

This is how mortgage rates from the banks compare at 8am Monday, March 23, 2015:

below 80% LVR 1 yr 18 mths 2 yrs 3 yrs 4 yrs 5 yrs
             
5.39% 6.09% 5.39% 5.79% 6.49% 5.89%
ASB 5.59% 5.70% 5.39% 5.59% 5.99% 5.75%
5.69%   5.39% 5.59% 6.49% 5.79%
Kiwibank 5.69%   5.39% 5.55% 5.99% 5.79%
Westpac 5.99% 6.09% 5.39% 5.59% 6.49% 5.75%
             
5.59% 5.49% 5.39% 5.59% 5.89% 5.89%
HSBC 5.29%   5.29% 5.29% 5.29% 5.29%
SBS Bank 5.59% 5.74% 5.19% 5.49%   4.99%*
5.70% 5.80% 5.35% 5.60% 6.40% 5.85%

* Members only, otherwise 5.79%

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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. An AMP360 mortgage broker can be contacted by following this link »
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