WESTPAC has followed the Commonwealth Bank and ANZ by lowering its standard variable home loan rate by 10 basis points following the Reserve Bank’s cut to the cash rate yesterday.
Westpac’s new standard variable home loan rate will reduce to 5.81per cent per annum effective Monday 20 April 2009.
The cut comes after the RBA cut the official interest rate by 25 basis points to a 49-year low.