Within hours of the Reserve Bank's 1% cut to interest rates, Westpac has announced they will pass on the cut in full to customers.
Their new standard variable home loan rate is 5.91% effective from February 9. Westpac is also reducing their 55-day credit card rate by 100 basis points, from February 12.
A statement from Westpac retail and business banking group executive Peter Hanlon said financial markets remained challenging but
But Westpac was "pleased to support our customers in these difficult economic times" with the full reduction in the RBA's cash rate, he said.
The reduction amounts to a saving of $158 per month on an average $250,000 mortgage.
The bank was also offering 5.49 per cent on its three-year fixed-rate home loan.
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