Westpac Banking (ASX:WBC, NZE:WBC) has cut advertised packaged variable home loan rates by up to 1.4% per annum for new customers applying to the bank's premier advantage package, according to a Wednesday statement by the company.

The bank cut the package variable rate for owner-occupier refinancers to 6.24% per annum from 7.29% per annum and for investors to 6.44% per annum from 7.84% per annum, for loans with a 70% to 80% loan-to-value ratio, the bank said.

Existing customers on packaged variable loans will retain their current negotiated discounts, the bank added.