Westpac is slashing its three-year fixed-rate home loan by 0.2 per cent to 6.59 per cent as part of its Spring Home Loan Celebration. The rate cut applies to new home loans of at least $150,000.

The Premier Advantage Package also offers a discount of up to 0.8 per cent per year off the variable rate on a new variable rate home loan of at least $500,000, and a 20 per cent discount on the first year of new home and contents insurance for new homes.

Westpac’s rate cuts follow the other major banks who have recently slashed mortgage rates for existing customers.

ANZ last weekend lowered its fixed-rate mortgages, including its three-year rate, to 6.44 per cent.

Before this, CommBank has cut its fixed rates, including its three-year mortgage, to 6.59 per cent.