Banks cut home loan rates

ASB and Westpac announced cuts to some fixed home loan rates and their variable home loan rates yesterday. Westpac is cutting its variable rate to 7.49 per cent, while ASB is cutting its variable home loan rate to 7.45 per cent. Westpac is also cutting its four and five-year fixed mortgage rates to 6.99 per cent. ASB is cutting its fixed mortgage rate for 18 months through to 60 months to 6.95 per cent.