Westpac has cut its packaged three year fixed rate mortgage to 5.14% (comparison rate 5.6%).

This is a reduction of 0.05% on the previous rate.

The offer includes a packaged discount of 0.2%.

Your Mortgage’s home loan calculator shows the reduction will save first home owners about $12 a month for a loan of $400,000 on a loan term of 25 years, compared to the previous rate.

The new rate is effective Friday, 24 January.
 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan