For Westpac the cuts are a 30 basis point reduction off the old rates, while for subsidiaries it's 20 basis points.

Westpac's details are as follows:

  • Inv Flexi First Option 70% LVR: Down to 2.99% p.a. (3.00% p.a. comparison rate*)
  • Inv Flexi First Option 80% LVR: Down to 3.09% p.a. (3.10% p.a. comparison rate*)

Similar products' interest rates were cut across the subsidiaries, however individual interest rates could differ, with more details below.

These reductions are 'special offers' meaning they could be withdrawn at any time.

Cutting interest rates on interest-only loans has been emerging trend of late, with ING and Gateway Bank doing so earlier in September.

Westpac's latest rate changes follow various rate changes made to owner occupier loans at the end of August.

Interest-only payments apply for the life of the loan, which could be favoured by investors able to pay interest-only then pay off the loan with proceeds from the home sale, provided it increases in value.

St George changes

  • Investment Basic Variable IO 60%: 20 basis point cut to 2.74% p.a. (2.76% p.a. comparison rate*)
  • Investment Basic Variable IO 80%: 20 basis point cut to 2.79% p.a. (2.81% p.a. comparison rate*) 

Bank of Melbourne changes

  • Investment Basic Variable IO 60%: 20 basis point cut to 2.74% p.a. (2.76% p.a. comparison rate*)
  • Investment Basic Variable IO 80%: 20 basis point cut to 2.79% p.a. (2.81% p.a. comparison rate*) 

BankSA changes

  • Investment Basic Variable IO 80%: 20 basis point cut to 2.79% p.a. (2.81% p.a. comparison rate*) 

The home loan rates across the group are available for new lending and external refinances, but exclude internal refinancing from the group, which also includes RAMS.


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Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.19% p.a.
6.58% p.a.
$2,589
Principal & Interest
Variable
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$530
90%
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6.20% p.a.
$2,473
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Variable
$0
$0
80%
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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