WestpacTrust customers will save about $1.5 million a month in interest costs following WestpacTrust’s decision to drop
its floating home loan interest rate by 0.30% per annum.
The floating rate drops to 7.95% per annum and takes effect immediately for new customers. On a $100,000 home loan over
20 years, the 0.30% drop is a saving of about $19 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
over $1 million a month.
WestpacTrust is also introducing a market leading one year fixed rate home loan of 6.75% per annum.
The new rates are in response to lower short term global wholesale interest rates and follows moves by the Reserve Bank
and the United States Federal Reserve to reduce official interest rates.
WestpacTrust public relations manager Jane Anderson said: “WestpacTrust believes it is important to pass on the benefits
of lower interest rates to our customers as soon as possible.”