Following the Reserve Bank of Australia's decision to increase the cash rate by 0.25%, Westpac has announced interest rate changes.
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 20 June.
- Customers will be able to access a new special term deposit offer of 4.50% p.a. for 12 to 23 months^, effective 9 June. Savings rates are under review.
"We understand interest rate increases put more pressure on household budgets. The majority of our customers are managing okay, but we know with each rate change it's getting more challenging," said Westpac Chief Executive Consumer and Business Banking, Chris de Bruin.
"We're reaching out to some customers who may need additional support and have competitive rates available for those rolling off fixed loans to make the change easier.
"For customers in financial difficulty we are here to help and encourage them to call us early if they're concerned," Mr de Bruin said.
Westpac considers a range of factors when reviewing interest rates, balancing the needs of both borrowers and savers. This includes the cash rate, returns and market environment.
Support for customers
