The first bank rate cut

It has cut its two and three year rates by 10 basis points and its four year rate by six points; while also increasing short term fixed rates.

It now has the lowest advertised special home loan rates of the five major banks on all terms from two to five years, according to TMM (see rates table here sorted from lowest to highest two year rate).

Westpac has not made changes to its standard rates.

It’s lifting its one-year special rate has gone up by four basis points to 7.39%, and its one-year rate by 4 points.