BankWest cuts rates by 80bp

BankWest has cut its standard variable rate by 80 basis points from 9.25 per cent p.a to 8.45 per cent per annum.

BankWest has cut its standard variable rate by 80 basis points from 9.25 per cent p.a to 8.45 per cent per annum.

The move comes after the major banks passed on part of the shock 1 per centage point cash rate cut by the Reserve Bank of Australia yesterday.

Their rate tracker home loan will also move 80 basis points from 8.35 per cent p.a. to 7.55 per cent.

The new rates will be effective from 17 October 2008.

The bank's fixed rate mortgage and deposits are currently under review, said BankWest.