Interest rate changes for Westpac customers
8 November 2023
Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced interest rate changes.
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 21 November.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.00% p.a., effective 17 November.
- Westpac eSaver total variable rate for the first 5 months will increase by 0.25% p.a. to 5.00% p.a. for new customers applying online, effective 17 November.*
“In making interest rate decisions, we consider a range of factors and work to balance the needs of both borrowers and depositors. With this latest move, we’ve also lifted interest rates on our deposit accounts which will benefit savers,” Westpac Chief Executive, Consumer, Jason Yetton said.
“We know people are feeling the impact of the higher cost of living and adjusting their spending to manage their household budget.
“We’ve introduced new budgeting tools within the Westpac app, which have been used by more than two million customers to better manage their money. This includes a new budget planner that can help customers make more informed decisions and identify savings.
“While customers are cutting back in response to rising expenses, our overall hardship numbers remain low and more than seventy per cent of customers are ahead on their mortgage repayments.
“Customers are proactively contacting us to discuss their options and we would encourage others feeling financial pressure to contact us sooner rather than later to speak to our team about what support is available,” Mr Yetton said.
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. These tools include our Spend Categories, Savings Finder, Bills Calendar, ShopBack, and an Expense Splitter.
- Westpac’s Home Loan Repayment Calculator is a useful tool 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. Our customers have received over $10 million in bonus cashback to date.
*Offer conditions – eSaver digital offer
The total variable rate for new eSaver customers applying online consists of the standard variable rate of 1.10% p.a., a five-month introductory rate of 3.55% p.a., and a bonus rate of 0.35% p.a. This total variable rate of 5.00% p.a. is available for new eSaver accounts opened online by sole applicants who have never held an eSaver account before.