Media releases

Westpac increases rates

 

3 March 2010

Westpac today announced it was increasing its standard variable home lending rate by 0.25% following the Reserve Bank of Australia’s (RBA) 0.25% increase to its official cash rate and continued wholesale funding pressures.

Westpac’s standard variable home lending rate will now rise to 7.01% per annum. Variable business lending rates will also rise by 0.25%.  The interest rate changes for home and business loans are effective on Friday March 5, 2010.

“Westpac continues to support customers by providing a range of competitive home and business loans as well as some of the most attractive deposit rates in the market,” Westpac Group Executive Retail and Business Banking Rob Coombe said.

“We will maintain our attractive deposit rates by passing on an increase of 0.25% to personal and business savings accounts including Westpac Reward Saver, eSaver and Business Maxi Bonus.  Westpac’s term deposit rates of 7.25% for five years remain at historically high levels compared to the official cash rate."

Following the 0.25% rate rise, repayments on the average $250,000 household mortgage will increase by approximately $40 per month.  Interest rates on credit cards will also increase by 0.25%.

Westpac has a range of home loan options available to customers including splitting loans between fixed and variable rates as well as a number of competitive fixed rate mortgages.  Mr Coombe encouraged customers to discuss their banking arrangements with their local Bank Manager to ensure they have the right financial products to suit their individual requirements. 

Westpac also continues to support customers in financial difficulty through its Westpac Assist initiative. Customers facing financial difficulties in relation to their Westpac loans or accounts can contact Westpac Assist on 1800 067 497.