Westpac has lowered its short-term fixed mortgage rates for both owner-occupiers and investors, following similar moves by NAB and Macquarie Bank. This comes ahead of the RBA's February meeting, where a rate cut is widely anticipated. While Westpac now offers the lowest advertised fixed loan among the big four banks, experts suggest borrowers may be better off waiting for further reductions and capitalizing on potential RBA cuts.
A second big four bank has slashed interest rates in the lead up to the RBA ’s highly anticipated February meeting where it is tipped to cut the official cash rate for the first time in close to three years. Westpac has trimmed its short-term fixed rate mortgages for owner occupiers by 0.40 percentage points and 0.35 percentage points for investors, according to Canstar.com.au analysis. The lowest fixed rate loan on offer from Australia’s second largest lender is 5.
“After waiting well over a year for cash rate cuts to come, it’s hard to see many borrowers tossing this opportunity in,” Tindall said. “A cash rate cut is fast approaching, potentially as soon as next Tuesday. This, alongside an easing in the cost of wholesale funding is now pushing some banks to review their fixed rates, with more likely to follow.
INTEREST RATES RBA FIXED MORTGAGES ECONOMY INFLATION
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