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Media releases

Westpac cuts variable home loan interest rates

2 July 2019

Westpac today announced a range of mortgage rate decreases for variable home loan customers, including a reduction of .20% per annum (p.a) for owner occupier customers and a reduction of .30% p.a. for investor customers with interest only repayments.
 

The following interest rate changes will come into effect on Tuesday 16 July 2019.
 

  • Variable home loan (owner occupier) rate has been reduced by .20% p.a. to 4.98% p.a. for customers with principal and interest repayments.
  • Variable residential investment property loan reduced by .20% p.a. to 5.53% p.a. for customers with principal and interest repayments.
  • Variable home loan (owner occupier) rate reduced by .20% p.a. to 5.57% p.a. for customers with interest only repayments.
  • Variable residential investment property loan rate reduced by .30% p.a. to 5.79% p.a. for customers with interest only repayments.
     

“Today’s announcement means our Standard Variable Rate (SVR) will be the lowest it has been in more than 45 years for owner occupier home loan customers with principal and interest repayments,” David Lindberg, Westpac Chief Executive, Consumer said.
 

“The decision reflects the pressures of the declining cash rate in an historically low interest rate environment.
 

“It’s critical that we continue to carefully manage our business in a sustainable way for the longer term and take into account the diverse needs of all our stakeholders.”
 

For an owner-occupier customer with a standard variable home loan of $400,000 on principal and interest repayments, the .20% p.a. rate reduction will result in a saving of $800 each year.
 

Customers who would like information on this rate change are encouraged to contact their local branch or call Westpac Customer Care on 132 558.
 

Customers who have concerns with their home loan repayments can contact Westpac Assist on 1800 067 497.
 

For more information, please contact:

 

David Lording

Westpac Media Relations  

M. 0419 683 411

Mary-Louise Dare

Westpac Media Relations

M. 0434 699 605

E. westpacmediarelations@westpac.com.au