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10 August 2007
Westpac announces interest rate changes
Westpac today announced changes to its interest rates for selected deposit accounts and variable rate personal and business lending in line with the Reserve Bank's increase in the official cash rate by 0.25%.
Westpac will increase the interest rates on selected personal and business deposit accounts by up to 0.30% including Westpac Reward Saver, Westpac Cash Manager, Westpac eSaver, Westpac Business Flexi and Westpac Business Max-i Bonus, effective today.
Westpac will also raise variable home and business lending rates by 0.25% with the First Option home loan rate increasing to 7.74% and the standard variable home loan rate rising to 8.32%.
"Westpac remains committed to providing value to our customers and has a broad range of competitively priced mortgage products and packages available. These include our First Option home loan with a rate of 7.74% and our Premier Advantage Package with a variable rate discount of up to 0.70%," James Galloway, Westpac's General Manager Consumer Product said.
The capacity of Westpac's mortgage customers remains strong with more than 70 per cent paying more than their minimum monthly repayments.
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