Interest rate changes for Westpac customers
6 June 2023
Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced interest rate changes.
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 20 June.
- Customers will be able to access a new special term deposit offer of 4.50% p.a. for 12 to 23 months^, effective 9 June. Savings rates are under review.
“We understand interest rate increases put more pressure on household budgets. The majority of our customers are managing okay, but we know with each rate change it’s getting more challenging,” said Westpac Chief Executive Consumer and Business Banking, Chris de Bruin.
"We’re reaching out to some customers who may need additional support and have competitive rates available for those rolling off fixed loans to make the change easier.
“For customers in financial difficulty we are here to help and encourage them to call us early if they’re concerned,” Mr de Bruin said.
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.
- 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.
^Term Deposit offer
Term Deposit available for a limited time only when opened or renewed by Westpac personal and business customers. Not available for other financial institutions or Westpac Institutional Bank customers. Available on deposits from $5,000 - $5,000,000 with interest paid monthly or annually. Terms and conditions apply.