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Sunday, April 29, 2012

Westpac will cuts fixed loan rates on april 30 2012

Westpac will cuts fixed loan rates on april 30 2012 : WESTPAC is making an aggressive move to drum up market share by undercutting rivals on some variable mortgage rates ahead of the Reserve Bank's anticipated interest rate cut tomorrow.

Discounted rates on variable home loans currently offered to people borrowing more than $250,000 will be extended by Westpac to those who borrow as little as $150,000.

The announcement comes on the eve of a highly anticipated RBA board meeting following last week's low inflation figures, which showed the consumer price index grew by 0.1 per cent in the March quarter, bringing annual inflation to just 1.6 per cent.

WESTPAC is stoking up competition among the major banks by cutting its fixed mortgage rates in a bid to increase its home loan market share.

The bank, Australia's second largest, said yesterday that it would reduce its one and three-year rates and extend the discount on its standard variable rates for loans between $150,000 and $250,000.

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