Westpac today announced it will decrease variable home loan interest rates by .15% per annum (p.a.) following the Reserve Bank of Australia’s decision to reduce the official cash rate.
The following interest rate changes will come into effect on Wednesday 16 October 2019:
- Variable home loan (owner occupier) rate has been reduced by .15% p.a. to 4.83% p.a. for customers with principal and interest repayments.
- Variable residential investment property loan rate reduced by .15% p.a. to 5.38% p.a. for customers with principal and interest repayments.
- Variable home loan (owner occupier) rate reduced by .15% p.a. to 5.42% p.a. for customers with interest only repayments.
- Variable residential investment property loan rate reduced by .15% p.a. to 5.64% p.a. for customers with interest only repayments.
“Westpac will be decreasing interest rates by 15 basis points for variable home loan customers, bringing our Standard Variable Rate (SVR) to the lowest we have on record for owner occupiers with principal and interest repayments,” David Lindberg, Westpac Chief Executive, Consumer said.
“In making the decision, we took into account the reduction of the official cash rate and the commercial pressures of the low interest rate environment.
“For an owner occupier customer with a standard variable home loan of $400,000 on principal and interest repayments, this reduction could result in a saving of $36 per month, or $432 each year.
“Providing the support and finance to help Australians into their homes is a core part of our business strategy. Today’s announcement will assist customers wanting to get ahead on home loan repayments, as well as new home buyers looking to purchase a property,” Mr Lindberg said.
Customers who would like information on this rate change are encouraged to contact their local branch or call Westpac Customer Care on 132 558.
Customers who have concerns with their home loan repayments can contact Westpac Assist on 1800 067 497.