Westpac has provided a significant boost to home-owners by cutting the interest rates on its packaged five year fixed rate mortgage that takes the new rate to 4.99%.

The new offer is effective from next Monday (28 July 2014) and represents a cut of 0.80% on the current five year fixed interest rate. It is also the lowest Westpac 5 year fixed rate on record.

“I’m delighted that we have been able to reduce the interest rate on our five year fixed rate mortgages which I know will be very appealing to those customers who are looking to lock in their repayments over the longer-term,” said Gai McGrath, Westpac’s General Manager of Retail Banking.

“Our aim is to be competitive at the same time as being able to provide certainty to customers for whom a fixed-rate home loan suits their particular circumstances.

“It also allows them to plan for the future as they look to own their home sooner and this is one way that we can help them do that.”

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