Westpactrust Matches Reserve Bank Interest Move
WWestpacTrust floating home loan customers will save about $1.5 million a month in interest costs following WestpacTrust’s decision to match the 0.25% per annum drop in the Official Cash Rate announced by the Reserve Bank at 9am today.
The floating rate drops to 7.70% per annum. On a $100,000 home loan over 20 years, the 0.25% drop is a saving of over $15 a month. It maintains this year’s downward move in floating home loan rates begun by WestpacTrust in January when it lowered them by 0.25% to 8.25% per annum. That move has saved customers millions of dollars in interest costs.
WestpacTrust General Manager Marketing Tim Harrington said: “WestpacTrust has moved quickly following the Reserve Bank’s change in the Official Cash Rate because we believe it is important to pass on the benefits of lower interest rates to our customers as soon as possible.”