Following yesterday’s Reserve Bank of Australia decision to reduce the cash rate by 100 basis points, BankWest has lowered its standard variable rate by 80 basis points from 9.25 per cent p.a to 8.45 per cent p.a, effective 17 October 2008.
BankWest’s popular Rate Tracker home loan will also move 80 basis points from 8.35 per cent p.a. to 7.55 per cent, effective 17 October 2008.
The 0.80 per cent p.a. rate reduction equates to an average saving of $171.91 per month on an average size principal and interest loan of $300,000 over a 30 year term.
BankWest Chief Executive Ian Corfield said BankWest was pleased to be able to pass on the reduction to customers.
BankWest is currently reviewing its fixed rate mortgage products and deposit products.