One of Australia’s major banks has reduced its serviceability floor rate by 0.30% to now sit the lowest of the big four.
Westpac’s new 5.05% rate comes in below ANZ’s 5.25%, CBA’s 5.40% and NAB’s 5.50%.
The bank has also announced it is undoing a number of its temporary COVID-19 assessment measures, including reinstating the LMI waiver for certain professions, depending on their loan-to-value ratios and removing LVR ratio limits for self-employed applicants and those from certain tourist postcodes.
