Westpac cuts standard variable home loan rate by 80 bps =3D2
02 Dec 2008 2:59 PM
SYDNEY, Dec 2 AAP - Westpac Banking Corp, Australia's second biggest home loan lender, cut its standard variable mortgage rate by 80 basis points.
Westpac's cut followed the Reserve Bank of Australia's 100 basis point reduction to the overnight cash rate to 4.25 per cent.
Westpac's new standard variable home rate will be cut to 6.91 per cent, effective December 8.
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Westpac will also cut its small business lending rate by 80 basis points.
"While Government guarantee measures have helped restore confidence to global financial markets, short-term and long-term wholesale funding costs remain extremely volatile and at record levels," Westpac retail and business banking group executive Peter Hanlon said in a statement.
"In spite of this continuing volatility, Westpac is pleased to deliver further timely relief to households and small businesses in the lead-up to Christmas."
