Westpac announces interest rate changes for customers

Westpac

Westpac announces interest rate changes for customers

Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.25%, Westpac has today announced a range of interest rate changes for home loan and consumer deposit customers.

From 17 May, Westpac will increase home loan variable interest rates by 0.25% per annum (p.a) for new and existing customers.

Westpac will also increase interest rates for selected consumer deposit accounts Westpac Life and Westpac 55+ and Retired by 0.25% p.a.

“We have made the decision to increase our standard variable rate for home loan and selected consumer deposit customers following today’s increase to the official cash rate,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.

“We know many of our customers were able to build-up their savings during the pandemic and 70 per cent of home loan customers are ahead on their repayments, helping put them in a better position to withstand an interest rate rise.

“We are also increasing interest rates on some of our most popular products for savers, which will provide some relief following a period of record low interest rates.

“We know that some home loan customers may still experience difficulty and we encourage these customers to call us as soon as possible, so our specialist customer teams can work with them to tailor a financial solution,” said Mr de Bruin.

In assessing customers’ repayment capacity Westpac applies a mortgage serviceability buffer above current interest rates to all home lending applications.

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