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28 April 2008

Westpac moves lending rates

Westpac Banking Corporation today announced a change of 0.10% to its standard variable home lending rates to 9.47% effective Friday 2 May 2008.

"Operating as we do in the global economy, long-term funding costs remain at record levels and our average cost of funds continues to increase. We will continue to absorb a significant portion of the additional borrowing costs that we are experiencing on behalf of our customers," Westpac Group Executive, Consumer Financial Services, Peter Clare said.

"Our approach continues to be to balance the needs of our customers with the needs of our shareholders and staff.

"We are mindful that this additional rise will have an impact on some family budgets but we want to reassure the community that we have responsible lending practices in place that offer 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.