An economist is tempering optimism after one of our major banks cut some of its home loan rates
An economist is tempering optimism after one of our major banks cut some of its home loan rates
24 November 2023
Westpac has dropped its two-year special home rate to 6.99 percent, and is also reducing its special three-to-five year rates.
At the same time, it's lifting its one year special rate to 7.39 percent.
Independent economist Tony Alexander says the one year rate is where banks are creaming it at the moment.
He says they're making some large margins and that's also where most people are doing the borrowing, so cutting the three, four or five year rates doesn't make any difference.
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