Westpac increases rates in line with RBA
Westpac today announced it was increasing its standard variable home lending rate by 0.25% following the Reserve Bank of Australia’s 0.25% increase to its official cash rate.
Westpac’s standard variable home lending rate will now rise to 7.51% per annum. Variable Business Loan rates and credit card rates will also increase by 0.25%. The interest rate changes for home and business loans are effective on Friday May 7, 2010.
Westpac Group Executive Retail and Business Banking Rob Coombe, said Westpac would also continue to support deposit customers by passing through the 0.25% increase to its key online savings accounts.
“Westpac continues to provide a range of competitive savings products for our customers including some of the highest rates in the market through our Reward Saver, eSaver, Westpac Business Cash Reserve and Westpac Business Cash Reserve Bonus accounts,” Mr Coombe said.
Following the 0.25% rate rise, repayments on the average $250,000 household mortgage will increase by approximately $40 per month.
Mr Coombe encouraged Westpac customers to speak with their local Bank Manager about home loan options to ensure they had the right financial products for their individual circumstances.
Customers facing financial difficulty in relation to their Westpac accounts were also encouraged to contact Westpac Assist on 1800 067 497.