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15 July 2008

Westpac moves rates

Westpac Banking Corporation today announced an increase of 0.14% to its standard variable home lending rates to 9.61% effective Thursday 17 July 2008.

"Volatility in global funding markets continues to impact Westpac's average cost of funds," Westpac Group Executive, Consumer Financial Services, Peter Clare said.

"While passing on some of the additional costs to customers, we are continuing to absorb a significant portion of the additional longer-term funding costs that we have experienced since the market volatility began almost 12 months ago.

"We continue to be very thoughtful in our approach of balancing the needs of our customers with the needs of our shareholders."

Mr Clare said Westpac was mindful of the impact the additional rate rise would have on some family budgets and reassured the community that the bank had responsible lending practices in place that offered a number of options to help customers manage changes in circumstances.

Customers facing financial difficulties in relation to their Westpac loans or accounts can contact Westpac Assist on 1800 067 497. Westpac Assist has a team of specialists who will provide personal assistance to help our customers find the best possible way to regain and maintain control over their finances.

In addition, customers looking for interest rate certainty could also consider locking in all or part of their mortgage with one of Westpac's fixed rate loan options.