Following the Reserve Bank of Australia's (RBA) decision to increase the cash rate by 0.25%, Westpac has announced a range of interest rate changes for deposit and home loan customers.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.90% p.a. to 3.50% p.a., effective 9 November.
- Westpac eSaver total variable rate will increase by 0.95% p.a. to 3.50% p.a. for new customers for the first five months, effective 9 November.
- Customers will be able to access a new Term Deposit offer of 3.75% p.a. for 12 to 23 months, effective 4 November*.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 15 November.
"Savers are continuing to benefit from a number of successive interest rate rises, helping them meet their financial goals. Today we've announced we are increasing rates on some of our most popular products including Westpac Life and eSaver," said Chris de Bruin, Westpac Group Chief Executive, Consumer & Business Banking.
"We know that with the cost of living increasing, some customers are looking at their household budgets. To help them manage their money more easily we've recently rolled out new features in the Westpac app to provide customers with insights into their spending and the ability to track and categorise expenses.
"With interest rates continuing to rise, we understand some people will be feeling more financial pressure. While we have not seen an increase in calls for assistance, and the majority of our customers continue to be ahead on repayments, we are ready to support customers who may need extra help," said Mr de Bruin.
When reviewing interest rates, Westpac considers both its borrowers and depositors, as well as other factors such as the cash rate, returns and market environment.
Support for customers
Westpac offers a range of services to help customers manage home loan interest rate changes including a repayment calculator and helpful information and tips on the Master Your Money webpage.
