Following the Reserve Bank of Australia's 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 0.25% p.a. to 3.75% p.a, effective 16 December.
- Under Westpac's Spend&Save offer for 18-29 year olds, eligible customers can earn a total variable rate of 4.35% p.a., an increase of 0.35% p.a., effective 16 December.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 20 December.
"We know our customers are paying extra attention to their household budget in the lead-up to Christmas and looking at ways to manage their money into the New Year in the changing economic environment," said Westpac Consumer and Business Banking Chief Executive, Chris de Bruin.
"We're continuing to increase savings interest rates to support customers saving for the future.
"While the majority of our customers are managing well through this cycle with a strong jobs market and savings built up during the pandemic, we understand some customers may find it more difficult. We have an experienced customer support team ready to work with each customer one-on-one to offer help if they are in a tough spot," said Mr de Bruin.
When reviewing interest rates, Westpac balances the needs of both borrowers and depositors, as well as considering 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.
