Westpac has lowered its six month and one year fixed mortgage rates to 4.95% for loans with an LVR of 80% or less.

This follows similar reductions by ANZ and BNZ recently.

But Westpac has raised its rates for LVR lending over 80%.

The new rates are:

6 month <80% LVR 4.95% (down from 5.25%)

6 month >80% LVR 5.40% (up from 5.25%)

1 year <80% LVR 4.95% (down from 5.25%)

1 year >80% LVR 5.40% (up from 5.25%)

These new rates are effective Friday, November 9, 2012.

All mortgage rate offers are listed on our mortgage rate page here »

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In addition, customers with home lending of over $100,000 can get up to $2,000 back to help turn a house into a home.

Westpac’s General Manager Retail, Ian Blair, says customers are continuing to look for flexibility and choice.

“Customers are looking at their options and how to balance and make best use of fixed and floating rates. Westpac is focused on delivering the best service and value and these new rates and cash back offer ensure we continue to provide flexibility, choice and real benefit for customers,” Blair said.

Westpac has all home lending rates from six months to five years under 6%.