•  Westpac slashes fixed mortgage rates

By STEPHEN JOHNSON, ECONOMICS REPORTER FOR DAILY MAIL AUSTRALIA

Published: 23:41 GMT, 11 February 2025 | Updated: 23:54 GMT, 11 February 2025

Westpac has slashed fixed mortgage rates as the big banks fight for new customers ahead of an expected official rate cut next week.

Australia’s second biggest lender has cut one and two-year fixed rates.

One-year fixed rates have been slashed by 40 basis points to 5.69 per cent while Westpac’s two-year fixed rates have fallen by 30 basis points to 5.59 per cent.

Westpac has cut its fixed mortgage rates only a week after NAB also cut its fixed rates. 

Canstar data insights director Sally Tindall said the major banks were competing for new customers, with the Big Four banks all expecting a Reserve Bank rate cut on Tuesday next week. 

‘A cash rate cut is fast approaching, potentially as soon as next Tuesday,’ she said.

‘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.’

Westpac and the Commonwealth Bank are both expecting the Reserve Bank to cut interest rates four times in 2025.

This would take the cash rate back to 3.35 per cent for the first time since March 2023, from an existing 4.35 per cent level. 

Westpac has slashed fixed mortgage rates as the big banks fight for new customers ahead of an expected official rate cut

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