Westpac bustles for a mortgage advantage

Westpac's sharp drop in headline mortgage rates avoids it being left alone in the 6 per cent range, but there are more sophisticated forces than this at play.

There is a straightforward reason, and a more complex one, why Westpac was the odd bank out yesterday as the sector rushed to pass on the Reserve Bank’s 25 basis point reduction in official interest rates to their mortgage rates. Westpac reduced its headline rate by more than the central bank's cut.

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