Westpac makes its one-year rate look good
Westpac is the latest bank to lower its one-year fixed rate, but it has conditions on the offer.
Tuesday, April 30th 2013, 8:07AM
It has rolled out a special rate of 5.09% but it only applies for loans with an LVR of 80% or less.
Westpac's one-year standard fixed rate remains unchanged 5.19%.
The difference between the two rates is just 10 basis points it appears the special is a bit of a “hero” rate to make it stand out against the other big banks.
As you can see from the table here where we have sorted the rates from lowest to highest one year rate, Westpac beats its big bank rivals, but is outdone by the smaller banks.
This is the only change Westpac has made today – its other rates remain unchanged.
However, as reported yesterday, it has increased its low equity margin.
| « New low equity charge for Westpac customers | RESIMAC rate changes » |
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