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 9 October.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.25% p.a., effective 9 October1.
Westpac Chief Executive, Consumer, Carolyn McCann said the ongoing tightening cycle continues to place pressure on household budgets.
“We recognise that another rate increase will add to cost-of-living pressures for many households,” McCann said.
“Our priority is supporting customers through this period and helping them stay on top of their finances. We have a range of support options available and encourage anyone who may be feeling under pressure to contact us early.”
“At the same time, higher interest rates on deposit accounts will be welcome news for customers looking to grow their savings,” 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.
