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 13 November.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.50% p.a., effective 13 November1.
Westpac Chief Executive, Consumer, Carolyn McCann said: "We know another interest rate increase may be difficult for many households, particularly those who have already adjusted their budget this year."
"The majority of our customers are managing well and remain ahead on their repayments. For customers who are feeling the pressure, we encourage them to reach out to us early so we discuss the support options available.
"Savers who are putting money aside will likely welcome the change as it's an opportunity to earn more on their money," McCann said.
Support for customers:
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 or the website.
