June 4, 2019 / 8:33 AM / 2 months ago

Australia's Westpac cuts mortgage rates by 20 bps following c.bank move

SYDNEY, June 4 (Reuters) - Australia’s Westpac Banking Corp , the country’s second largest, said on Tuesday it is lowering mortgage rates by 20 basis points for home owners following the first cut to the country’s cash rate in three years.

In a statement, the lender said it is also cutting the rate it charges investors on interest-only mortgages by 35 basis points, which is more than the 25 basis points policy rate cut by the Reserve Bank of Australia earlier in the day. (Reporting by Paulina Duran; Editing by Muralikumar Anantharaman)

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