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Media releases

Westpac increases rates


6 April 2010

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 and continued wholesale funding pressures.

Westpac’s standard variable home lending rate will now rise to 7.26% per annum. Variable business lending and credit card rates will also rise by 0.25%.  The interest rate changes for home and business loans are effective on Friday April 9, 2010.

“Westpac will also pass on a 0.25% increase to our key online savings accounts including Westpac Reward Saver, eSaver and Business Maxi Bonus to ensure that our consumer and business customers continue to benefit from historically high deposit rates,”  Westpac Group Executive Retail and Business Banking Rob Coombe said.

Following the 0.25% rate rise, repayments on the average $250,000 household mortgage will increase by approximately $40 per month.

Westpac also has home loan options which enable customers to split loans between fixed and variable rates as well as a number of competitive fixed rate mortgages.  Mr Coombe encouraged customers to discuss their banking arrangements with their local Bank Manager to ensure they have the right financial products to suit their individual requirements. 

Westpac continues to support customers in financial difficulty through its Westpac Assist initiative. Customers facing financial difficulties in relation to their Westpac loans or accounts can contact Westpac Assist on 1800 067 497.