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Westpac Banking Corporation (ASX:WBC) has cut the three-year fixed-rate on its Premier Advantage Package home loan.
The bank has lowered the rate by 15 basis points to 6.44 per cent and also dropped the rates on its one and two year fixed-rate Premier Advantage loans by 20 basis points to 6.49 per cent.
Westpac’s cut follows similar moves from Commonwealth Bank of Australia (ASX:CBA) and ANZ Banking Group's (ASX:ANZ) on various home loan packages.
The Reserve Bank of Australia has held the official cash rate at 4.75 per cent since November 2010.
Wespac is forecasting the RBA will cut the official rate before the end of 2011.
In the first half of its 2011 financial year Westpac generated a net profit $3.996 billion.
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