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, effective 18 October.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 2.60% p.a.
- Under Westpac's Spend&Save offer for 18-29 year olds, eligible customers can earn a total variable rate of 3.75% p.a., an increase of 0.25% p.a.
- Westpac eSaver total variable rate will increase by 0.25% p.a. to 2.55% p.a. for new customers for the first five months.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers.
"We know that many of our customers are looking at their finances to help manage changes to their household budgets," said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.
"We're increasing the interest rates on a range of deposit products including our flagship Westpac Life account where most customers will receive a rate of 2.60% p.a.
"The majority of our borrowers remain in good shape with more than two thirds ahead of mortgage repayments, and no material change in customers seeking financial support at this time.
"We're continuing to monitor the situation and bolster our customer support teams so we can help customers navigate the evolving rate cycle," said Mr de Bruin.
In reviewing interest rates, Westpac considers factors such as the cash rate, returns and market environment, as well as its borrowers and depositors.
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.
Customers who would like more information on today's announcement can go to westpac.com.au, call Westpac Customer Care on 132 032, or visit their local branch.
Customers experiencing financial difficulty can contact Westpac Customer Assist for personalised support on 1800 067 497.
