March 20, 2020 / 2:34 AM / 10 days ago

BRIEF-Westpac Announces Interest Rate Cuts & Financial Support For Small Business And Consumers

March 20 (Reuters) - Westpac Banking Corp:

* ANNOUNCES INTEREST RATE CUTS AND FINANCIAL SUPPORT FOR SMALL BUSINESS AND CONSUMERS

* ANNOUNCED A $10 BILLION HOME LENDING FUND TO SUPPORT ECONOMY BY ASSISTING MORE AUSTRALIANS INTO HOME OWNERSHIP.

* TERM DEPOSIT SPECIAL OFFER OF 1.7% P.A. INTEREST FOR 12 MONTHS FOR ALL AUSTRALIANS

* WILL INTRODUCE 100 BASIS POINT REDUCTION TO VARIABLE INTEREST RATES ON SMALL BUSINESS CASH- BASED LOANS, EFFECTIVE 6 APRIL

* WILL INTRODUCE SPECIAL 12-MONTH TERM DEPOSIT OF 1.7% P.A. TO PROVIDE CUSTOMERS A HIGHER RETURN ON THEIR SAVINGS

* 200 BASIS POINT REDUCTION ON OVERDRAFTS FOR NEW AND EXISTING CUSTOMERS

* HAS ANNOUNCED A $10 BILLION HOME LENDING FUND TO SUPPORT ECONOMY BY ASSISTING MORE AUSTRALIANS INTO HOME OWNERSHIP

* FOR SMALL BUSINESS CUSTOMERS, OVERDRAFTS WILL BE REDUCED BY 200 BASIS POINTS FOR NEW & EXISTING CUSTOMERS, EFFECTIVE 6 APRIL

* 2.29% P.A. FIXED RATE HOME LOAN FOR 1, 2, 3 YRS FOR OWNER OCCUPIED CUSTOMERS ON PRINCIPAL, INTEREST REPAYMENTS WITH PREMIER ADVANTAGE PACKAGE Source text for Eikon: Further company coverage:

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