Media releases

Westpac announces interest rate changes
4 November 2026

Following the Reserve Bank of Australia’s decision to increase the cash rate, Westpac has announced interest rate changes for home loan and deposit customers.

 

For home loan customers:

  • Westpac will increase home loan variable interest rates by 0.25% p.a. for new and existing customers, effective 13 November.

 

For deposit customers:                                 

  • Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.50% p.a., effective 13 November1.

 

Westpac Chief Executive, Consumer, Carolyn McCann said: “We know another interest rate increase may be difficult for many households, particularly those who have already adjusted their budget this year.”

 

“The majority of our customers are managing well and remain ahead on their repayments. For customers who are feeling the pressure, we encourage them to reach out to us early so we discuss the support options available.

 

“Savers who are putting money aside will likely welcome the change as it’s an opportunity to earn more on their money,” McCann said.

 

Support for customers:

Westpac customers paying principal and interest will be notified directly about what this will mean for their repayments and how they can make changes, which includes via the app or the website.

 

Customers can visit the Westpac website for more information about our latest home loan or deposit rates. They can also call us on 132 032 or visit their local branch. Those experiencing financial difficulty can contact Westpac Assist for personalised support on 1800 067 497.

Tips for managing home loan repayments for variable rate customers:

  1. Plan ahead. Customers can use a home loan calculator to work out how much their repayments may cost after an interest rate change or use it to see what the impact of any further changes may mean for their home loan. Westpac’s Home Loan Repayment Calculator can be viewed here.
  2. Get ahead. Customers may be able to reduce the total term and interest costs of their loan by splitting their monthly repayment in half and paying every two weeks instead. By paying more frequently, customers are reducing the principal amount sooner, as they will make the equivalent of an extra month’s repayment each year.
  3. Maximise offset accounts. An offset account is an eligible transaction account linked to a customer’s home loan account. The balance of this linked account is ‘offset’ against the home loan balance when loan interest is calculated, so could reduce the amount of interest paid. For customers without an offset, now could be a good time to check if their loan offers this feature and consider if it’s right for them.

 

ENDS

 

1Westpac Life change
The standard variable bonus rate on Westpac Life will increase by 0.25% p.a. 

 



Media contact:

media@westpac.com.au