Media releases
Interest rate changes for Westpac customers
9 February 2023
Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced a range of interest rate changes for home loan and deposit customers, effective 21 February.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 4.00% p.a.
- Westpac eSaver total variable rate will increase by 0.25% p.a. to 4.00% p.a. for new customers for the first five months.
- This is in addition to a current 12-month Term Deposit offer of up to 4.10% p.a. available for Westpac customers that open or renew online.*
For home loan customers:
- Home loan variable interest rates will increase by 0.25% p.a. for new and existing customers.
"Today we’ve announced interest rate increases to our Westpac Life and eSaver accounts to support customers as they think about their financial goals in the year ahead,” said Chris de Bruin, Westpac Chief Executive of Consumer & Business Banking.
“We know at this time of year some customers are reassessing their household budgets and looking for ways to manage their money. We have a number of tools available in the Westpac app to help customers track their spending and manage their finances.
“While the majority of our customers continue to be well-placed to navigate the rising rate environment, we know some might be feeling uneasy amid growing cost of living pressures. If customers are concerned, we encourage them to give us a call. The sooner they get in touch the better placed we are to provide support,” said Mr de Bruin.
When reviewing interest rates, Westpac balances the needs of both borrowers and savers, as well as considering other factors such as the cash rate, returns and market environment.
Support for customers
Westpac’s repayment calculator and Rate Change Calculator are available to help home loan customers manage interest rate changes. Helpful tips and information is also available on the Master Your Money webpage.
Customers can visit the Westpac website for more information about our latest deposit rates or home loan rates. Customers can also call Westpac Customer Care on 132 032 or visit their local branch.
*Term Deposit rate:
Online bonus rate is only available for Term Deposits between $5,000 - $5,000,000 opened or renewed by existing customers via Online Banking (during the Variation Period). The bonus rate will be applied in conjunction with any other bonus rate that may apply. Not available for customers who are not able to open or renew digitally (e.g. some joint accounts), Commercial Bank, Private Bank or Westpac Institutional Bank customers, for Farm Management Deposits or Term Deposits held as security. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. Rate will not be automatically applied to a renewing Term Deposit. You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship). If the deposit or any part of it is withdrawn early, an interest rate adjustment will normally apply. We reserve the right to withdraw, amend or extend this offer at any time.
More information is available via the Westpac website.