This morning Westpac lowered some key home loan rates.
It has added a new fixed rate 18 month 'special' of 5.34% which is -75 bps lower than their previous 18 month rate.
But it has also cut its standard 18 month rate to 5.99%, a reduction of -10 bps.
And it has taken another -10 bps off its five year 'special' which now sits at 5.65%.
Westpac has also changed another three standard rates making about a -10 bps reduction to each of them.
It's 6 month fixed rate is now 5.80%, a reduction from 5.89%.
It's four year fixed rate is now 6.39%, down from 6.49%.
And its standard five year rate has gone from 6.59% to 6.49%.
These changes are all effective today.
However none of them are market leading.
The best you can say is that Westpac is now matching some of its main rivals in the two and five year terms.
These are of course carded rate movements we are reporting here.
We continue to hear anecdotal stories of all banks matching or beating rate offers that are below carded rates. Achieving lower rates only comes through firm negotiation and will depend a lot on the details of the business you are bringing to the table.
The home loan market continues to be very competitive.
Also be aware, just because a bank is not formally offering a cash incentive does not mean it will shy away from matching a rival's offer. You can only know that in the 'heat' of an actual negotiation.
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 Friday, April 17, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.49% | 6.09% | 5.39% | 5.79% | 6.49% | 5.89% |
 |
5.59% | 5.70% | 5.39% | 5.45% | 5.99% | 5.65% |
 |
5.49% | 5.15% | 5.55% | 5.65% | 5.75% | |
 |
5.69% | 5.39% | 5.55% | 5.99% | 5.79% | |
 |
5.99% | 5.99% | 5.39% | 5.59% | 6.39% | 5.65% |
 |
5.59% | 5.49% | 5.39% | 5.59% | 5.75% | 5.79% |
 |
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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