Following the Reserve Bank of Australia's decision to increase the cash rate, Westpac has announced interest rate changes for home loan and deposit customers.
For home loan customers:
- Westpac will increase home loan variable interest rates by 0.25% p.a. for new and existing customers, effective 31 March.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 4.75% p.a., effective 27 March*.
Westpac Chief Executive, Consumer, Carolyn McCann said: "With overseas conflict impacting inflation and cost of living, we know these are uncertain times for many of our customers."
"We are here to help and if customers are concerned, we urge them to contact us as early as possible so we can talk through the support options available," Ms McCann said.
Westpac customers paying principal and interest will be notified directly about what this will mean for their repayments and how they can make changes, which includes via the app, the website or by contacting the bank.
"We are also increasing the interest rate on our most popular product for savers, which we know will be welcome news for customers who are working towards their financial goals," Ms McCann said.
Support for customers:
