Home loans under 5%: Westpac joins fixed rate warWestpac, the slowest major to pass on the RBA's latest rate cut, shook off its sluggishness to post sub-5% fixed rates on Friday. The big four bank leapt ahead to lead the fixed rate race, slashing up to 70 basis points from advertised rates on select mortgage products. The 45 basis point difference between Westpac's most competitive fixed rate and its lowest variable rate would equal savings of nearly $140 a month on a $500,000 mortgage. Use our Mortgage Repayment Calculator to find outFalling fixed rates can also be a positive sign for home loan holders more broadly. Joining it in cutting fixed rates on Friday were Westpac subsidiaries St George, Bank of Melbourne, and BankSA.