It is expected that borrowing costs will further decline. Westpac Bank, Melbourne Bank and BankSA have lowered various fixed-rate mortgage rates to below 3%.
Spring is approaching, real estate sales season is about to begin, financial markets bet officially will cut interest rates further, Westpac’s subsidiaries cut fixed-rate loans by 0.1 percentage points to 1.4 percentage points.
Customers with more down payment can get the lowest interest rate, the interest rate is as low as 2.94%, and the maximum can be fixed for 5 years.
Low interest rates only apply to new users, and existing customers will not receive interest rate cuts.
Steve Mickenbecker, financial expert at Canstar, a financial product comparison website, said that the decline in bond interest rates has reduced the bank’s long-term financing costs. The new interest rate offered by Westpac is “very competitive” and should be Inspire the reaction of competitors.
