Economy

What Westpac’s move on rates means


Jarrod Sierocki

David Koch explains how choosing the right mortgage can save you lots.

Home loan customers paying principal and interest on their loans are getting cheaper deals.

AN Australian home loan war is well and truly on after banking giant Westpac was the second of the big four to move its home loan rates this month.

Just 11 days after ANZ moved its rate deals, the mortgage industry has been waiting for the other big banks to drop their rates and Westpac did exactly this.

Financial comparison website Mozo’s spokeswoman Kirsty Lamont said “the gloves are off” following Tuesday’s announcement and more rate moves are on the horizon.

Jarrod Sierocki

Mozo spokeswoman Kirsty Lamont expects more home loan interest rate falls to come. Picture: SuppliedSource:News Corp Australia

While Westpac delivered good news for owner occupiers paying down their debts, it was bad news for investors opting for interest-only repayments.

Westpac dropped variable interest rates for owner occupiers paying principal and interest by…

Read the full article at: http://www.news.com.au/finance/westpac-drops-home-loan-interest-rates-and-mortgage-customers-urged-to-check-their-loan-deals/news-story/75ce365ffea81fbaf45767cdcf7d1e25

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