06Feb

Westpac cuts two year fixed rate home loan to 4.99%

 If you want to review your loan call Danny on 02 9290 2777, or email him on [email protected]
Westpac announced it will reduce its two year fixed rate mortgage to 4.99% (with Premier Advantage Package).  The new offer represents a cut of 0.4% on the current two year fixed interest rate.  The new rate takes effect from Thursday 7 February 2013 and will be available for both new and existing customers.

This places Westpac as a market leader among the major banks and is Westpac’s lowest offer on two year fixed rates since April 2009.

Effective Thursday 7 February 2013, the fixed rates will be as follows:
Term
Current Rate (Stand Alone) 
% p.a.
New Rate 
(Stand Alone)
% p.a.
New Rate 
(Premier Advantage Package) 
% p.a.
Change %
1 year
5.69
5.69
5.49
2 year
5.59
5.19
4.99
– 0.40%
3 year
5.59
5.59
5.39
4 year
5.89
5.89
5.69
–  
5 year
5.89
5.89
5.69
6 year (IPL only)
7.00
7.00
6.80
7 year
7.50
7.50
7.30
9 year (IPL only)
7.50
7.50
7.30
10 year
7.50
7.50
7.30
12 year (IPL only)
7.60
7.60
7.40
Note:  Fixed Rate SMSF Investment Property Loans have changed by the same amount, and remain at
a premium of 0.35% above the standard carded fixed rates.

The comparison table below shows Westpac as the market leader with the lowest fixed rates amongst the majors for 2 and 5 year fixed loan terms:

Lender
1 year fixed rate (packaged)
2 year fixed rate (packaged)
3 year fixed rate (packaged)
4 year fixed rate (packaged)
5 year fixed rate (packaged)
Westpac
5.49
4.99
5.39
5.69
5.69
CBA
5.19
5.29
5.29
5.64
5.69
ANZ
5.34
5.34
5.39
5.84
5.84
NAB
5.24
5.34
5.29
5.64
5.84
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