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.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now