Westpac customers with 'principal and interest'  owner- occupier home loans will receive an eight basis points interest rate reduction from 30 June 2017, pushing the bank's annual standard variable rate down to 5.24 per cent. Westpac also flagged a rise of 34 basis points for its interest-only borrowers. This will apply to both owner-occupiers and investors. Interest rates will hit 5.83 per cent and 6.30 per cent, respectively. The bank is further encouraging its interest-only borrowers to shift into variable loans by waiving their switching fees, a benevolence that George Frazis, chief executive of Westpac Consumer Bank, said was in response to the 30 per cent interest-only limit imposed by APRA on new residential mortgage lending. Firstmac's online lending business loans.com.au has passed A$4 billion in loans under management, in just its sixth year of operation. Marie Mortimer, managing director of loans.com.au, said the success of the business was easy to explain because borrowing online was quicker, easier and much cheaper. "Analysts are now predicting that online lending will grow to 35 per cent of the market from three per cent today and I think it will happen faster than people realise," Mortimer said. Mortgage originator and manager Firstmac claims to have more home loans under management than Citibank and Heritage Bank. LIXI, a not-for-profit company that develops data standards for the lending industry, has named Shane Rigby as its new chief executive officer. He joined LIXI in July 2015 as chief technology officer after holding a series of technology and banking roles internationally. Rigby emphasised the group's independence.  "LIXI is ideally situated to help drive efficiencies across the lending industry and further promote the democratisation of the lending data standards," Rigby said after his new role was announced.