Interest rate changes for Westpac customers
4 May 2023
Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced interest rate changes for deposit and home loan customers.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 4.50% p.a., effective 12 May.
- Westpac eSaver total variable rate will increase by 0.25% p.a. to 4.50% p.a. for new customers for the first five months, effective 12 May.
- Under Westpac’s Spend&Save offer for 18-29 year olds, eligible customers can earn a total variable rate of 5.00% p.a., an increase of 0.30% p.a., effective 12 May.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 16 May.
“We’re increasing our savings rates to help our customers meet their goals,” said Westpac Chief Executive of Consumer and Business Banking, Chris de Bruin.
“We understand cost of living is top of mind for many Australians and to assist our customers manage their money we have several budgeting tools available in the Westpac app and educational resources online through the Master Your Money webpage or via Westpac’s Davidson Institute.
“We know customers are looking carefully at their budgets as interest rates rise. While many are adjusting to making higher repayments, we understand others may need extra help.
“To assist we’re reaching out to some customers we believe may need additional support, we also encourage any customer doing it tough to give us a call,” said Mr de Bruin.
Westpac considers a range of factors when reviewing interest rates balancing the needs of both borrowers and savers. This includes the cash rate, returns and market environment.
Support for customers
Customers can visit the Westpac website for more information about our latest deposit or home loan rates. Customers can also 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.
Tips to combat the cost of living:
- Customers can use the budgeting tools available in the Westpac App to see how much they’re spending each month and to help them keep track of their expenses.
- Westpac’s Home Loan Repayment Calculator and Rate Change Calculator are useful tools to help customers understand how home loan interest rate changes may impact their loan.
- Customers could consider a fixed rate home loan if they’re after greater certainty around their regular mortgage repayments. Or consider an offset account, if they have an eligible home loan. The balance in an eligible transaction account ‘offsets’ the home loan balance when interest is calculated, so may help them pay less interest over time.
- For financial educational resources, customers can use the tips and tools available on Westpac’s Master Your Money webpage or via the Davidson Institute.
- Customers can take advantage of discounts and deals when they’re spending, with Westpac Rewards and Offers, or earn bonus cashback when they make purchases with an eligible Westpac debit or credit card through the new Westpac Lounge on ShopBack.