Westpac, Australia's second-largest bank, has lowered its variable home loan rates by up to 35 basis points as competition among lenders increases.

The bank is now offering new customers a variable home loan rate of 5.84%, matching the lowest rate among the country's four biggest banks, News AU reported.

However, to qualify for this rate, customers must apply online and have a 30% deposit.

Canstar's data insights director, Sally Tindall, called this a "great news for people with a home loan," adding that banks were now........

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