Overseas owned West Australian Bank, BankWest has cut its standard variable rate by 80 basis points from 9.25 per cent p.a to 8.45 per cent per annum. The move comes after the major banks passed on part of the shock 1 per centage point cash rate cut by the Reserve Bank of Australia earlier this week.
Their rate tracker home loan will also move 80 basis points from 8.35 per cent p.a. to 7.55 per cent. This is one of the best mortgage loans in Australia according to Mr Mortgage
The new rates will be effective from 17 October 2008.
