August 9, 2011 / 12:01 AM / 9 years ago

Westpac cuts 3-yr fixed home-loan rate by 20 basis points

SYDNEY, Aug 9 (Reuters) - Westpac Banking Corp , Australia’s second-largest home loan lender, cut its fixed mortgage rate on 3-year loans by 20 basis points to 6.79 percent, a spokesman said, following cuts by larger rival Commonwealth Bank of Australia .

The banks are taking advantage of steep falls in longer-term lending rates in markets in recent weeks.

CBA had earlier said the new fixed rates for loans from 1 to 5 years would now range from 6.59 percent to 6.99 percent, the lowest of any of the four major Australian banks (Reporting by Narayanan Somasundaram)

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