Westpac cuts variable mortgage rate by 100 basis points
03 Feb 2009 3:19 PM
SYDNEY, Feb 3 AAP - Westpac Banking Corporation, Australia's second biggest home-loan lender, will cut its standard variable mortgage rate by 100 basis points to 5.91 per cent, passing on the full central bank rate reduction.
The bank also reduced its business lending rates by 100 basis points.
The Reserve Bank of Australia cut the overnight cash rate on Tuesday by 100 basis points to 3.25 per cent, its lowest level since 1964.
Westpac cut its Altitude, Altitude Business and 55-day credit card rates by 100 basis points.
The home and business loan rate reductions will be effective on Monday February 9, while the credit card interest reductions will happen on Thursday, February 12.
Earlier in the day Prime Minister Kevin Rudd said the banks should pass on interest rate cuts as "rapidly as possible."
