Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced interest rate changes.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 21 November.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.00% p.a., effective 17 November.
- Westpac eSaver total variable rate for the first 5 months will increase by 0.25% p.a. to 5.00% p.a. for new customers applying online, effective 17 November.*
“In making interest rate decisions, we consider a range of factors and work to balance the needs of both borrowers and depositors. With this latest move, we’ve also lifted interest rates on our deposit accounts which will benefit savers,” Westpac Chief Executive, Consumer, Jason Yetton said.
“We know people are feeling the impact of the higher cost of living and adjusting their spending to manage their household budget.
“We’ve introduced new budgeting tools within the Westpac app, which have been used by more than two million customers to better manage their money. This includes a new budget planner that can help customers make more informed decisions and identify savings.
“While customers are cutting back in response to rising expenses, our overall hardship numbers remain low and more than seventy per cent of customers are ahead on their mortgage repayments.
“Customers are proactively contacting us to discuss their options and we would encourage others feeling financial pressure to contact us sooner rather than later to speak to our team about what support is available,” Mr Yetton said.
Support for customers
