Interest rate news
Changes to our Interest Only home loan variable interest rates
Effective 16 December 2016, Westpac will increase the interest rates of some of its Interest Only variable home lending products, including:
- Variable home loan (owner occupier) rate for customers with Interest Only repayments: by 0.08% to 5.41% per annum (comparison rate 5.55% per annum*);
- Variable residential investment property loan rate for customers with Interest Only repayments: by 0.08% to 5.68% per annum (comparison rate 5.82% per annum*).
- Equity Access loan rate: by 0.15% to 5.80% per annum.
Our interest rates are constantly under review, as market and economic conditions change.
Switching from Interest Only to principal and interest repayments
We offer lower interest rates to customers who make principal and interest repayments to encourage them to pay down their debt and own their home faster.
If you wish to pay your home loan sooner by switching to principal and interest repayments, you can do so by contacting us on 132 558 and we’ll talk through your options.
Customers with Premier Advantage Package can switch at any point in time at no additional cost.
Impact on my repayments?
For Interest Only home loans, your repayments are adjusted automatically. The repayments will change from the first repayment date after the interest rate change becomes effective.
Change my repayments
For everything you need to know, visit our repayments page.
*Comparison rates are based on a loan of $150,000 over a term of 25 years.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.