Westpac has followed ANZ and National Bank's lead and cut its three, four and five-year rates to 7.75%, 8.20% and 8.50% respectively. Its three-year rate is now the lowest alongside ANZ for the major banks.
TSB Bank has reduced its four and five-year fixed rates also today. Its four-year rate dropped 30 points to 8.20% and its five-year rate fell 15 points to 8.50%.
Meanwhile we review yesterday's official cash rate announcement here and provide a look at what has happened to interest rates over the past five years in this graph.
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