Westpac cuts its fixed rates

Westpac has cut its fixed rates on its home loans, taking its three-year interest rate to 6.44%.

The bank has cut rates on its three-year Premium Advantage Package fixed rate home loan by 15bps, and has cut its one and two-year products by 20bps to 6.49%.

Westpac is also discounting its variable rate up to 80bps as part of its "Spring Home Loan Celebration" promotion. It is offering a 20% discount on home loan borrowers' first year of home and contents insurance.

Westpac's subsidiary brands, St. George, BankSA and Bank of Melbourne, also made reductions to their fixed rates earlier this month