Major cuts rates

>Yesterday, the major announced its plans to cut the interest on its two, three, four, five and 10 year home and investment property fixed loans.

Westpac cut up to 0.20 per cent from the various products, taking its two year fixed rate to just 7.39 per cent from 7.54 per cent.

Just last week the lender announced plans to increase the maximum amount it is willing to lend customers, increasing its maximum loan to valuation ratio (LVR) to 95 per cent.