Westpac announces interest rate changes
12 September 2022
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, Westpac has announced a range of interest rate changes for home loan and deposit customers.
For home loan customers
- Home loan variable interest rates will increase by 0.50% p.a. for new and existing customers, effective 20 September.
For deposit customers
- Westpac Life total variable rate with bonus interest will increase by 0.50% p.a. to 2.35% p.a., effective 20 September.
- Westpac Bump Savings, for under 18 year olds, total variable rate with bonus interest will increase by 0.65% to 2.35% p.a., effective 20 September.
- Customers will be able to access a new Term Deposit offer of 3.25% p.a. for 12-23 months, effective 13 September.
"We understand that many Australians are carefully managing their household budgets at this time and we’re here to support our customers through the changing interest rate cycle,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.
“When we review our interest rates, we seek to balance the needs of multiple stakeholders including home loan and deposit customers. We also consider several factors including the increase to the cash rate, competitive environment, and the performance of our business.
“Over the last five months we have increased the interest rates on savings and deposit accounts, including our flagship Westpac Life account where the majority of customers earn bonus interest every month they save. We have also introduced competitive term deposit offers to help support savers in reaching their goals,” said Mr de Bruin.
Support for customers
Westpac offers a range of services to help customers manage home loan interest rate changes including a repayment calculator, interest rate change calculator and helpful information and tips on the Master Your Money webpage.
“While we have not seen a change in customers seeking financial assistance, we’re monitoring the situation carefully and expanding our customer support teams so we can continue to provide tailored care to those who need it,” said Mr de Bruin.
“We encourage customers to reach out to us if they need assistance with their home loan repayments. The sooner we know there is an issue, the faster we can find a solution to support their circumstances,” he said.
Customers who would like more information on today’s announcement can go to www.westpac.com.au, call Westpac Customer Care on 132 032, or visit their local branch.
Customers experiencing financial difficulty can contact Westpac Customer Assist for personalised support on 1800 067 497.