Westpac has slashed variable mortgage rates in a sign the Big Four banks are set to battle harder for new borrowers in coming months.
Australia’s second biggest bank has trimmed its Flexi First Option special mortgage rate by 35 basis points, taking it down to 5.84 per cent.
This is the lowest among the Big Four banks, and follows the Reserve Bank of Australia’s February rate cut.
This Westpac product is available to borrowers who apply online and have heftier 30 per cent mortgage deposit.
Canstar insights director Sally Tindall said Westpac and ANZ now had the equally lowest variable rate in a sign of intensifying competition.
‘Westpac has gone head-to-head with ANZ, matching its lowest variable home loan rate at 5.84 per cent in a bid to win new customers,’ she said.
Westpac has slashed variable mortgage rates in a sign the Big Four banks are set to battle harder for new borrowers in coming months (pictured are shoppers in Sydney’s Pitt Street Mall)
