Westpac’s new chief executive Brian Hartzer has started his stint with an interest rate reduction of 0.28 percentage points for the bank’s Standard Variable rate (SVR) home loans. The rate cut is actually even bigger than the RBA reduced rate.
Hartzer, who has welcomed his new post on Monday, announced the major lender’s rate cut, which is an advertised rate of 5.7%.
Westpac had the highest SVR among the other banks considered part of the big four for several years.
Treasurer Joe Hockey urged the big four banks this week to pass on the full RBA cut to all customers, saying "the flow-through to the Australian economy is significant, and importantly it must be immediate".
To discover how the new rate will impact your home loan, click here
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