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 15 May.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.00% p.a., effective 15 May*.
- The standard variable rate on Westpac eSaver will increase by 0.25% p.a. for all customers, with the total variable rate with a five-month introductory rate increasing to 5.25% p.a. for new customers applying online, effective 15 May**.
Westpac Chief Executive, Consumer, Carolyn McCann said: "The conflict in the Middle East continues to create global uncertainty and impact inflation."
"Right now our focus is on helping customers through the current economic environment. We encourage customers who are feeling stretched to reach out early. We have a range of support options available and our teams are ready to help."
"We've also increased deposit rates which will provide some relief for savers who are navigating higher living costs," 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.
