Following the Reserve Bank of Australia’s decision to increase the cash rate by 0.25%, Westpac has announced interest rate changes for deposit and home loan customers.
For deposit customers:
- Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 4.50% p.a., effective 12 May.
- Westpac eSaver total variable rate will increase by 0.25% p.a. to 4.50% p.a. for new customers for the first five months, effective 12 May.
- Under Westpac’s Spend&Save offer for 18-29 year olds, eligible customers can earn a total variable rate of 5.00% p.a., an increase of 0.30% p.a., effective 12 May.
For home loan customers:
- ³Ô¹ÏÍøÕ¾ loan variable interest rates will increase by 0.25% p.a. for new and existing customers, effective 16 May.
“We’re increasing our savings rates to help our customers meet their goals,” said Westpac Chief Executive of Consumer and Business Banking, Chris de Bruin.
“We understand cost of living is top of mind for many Australians and to assist our customers manage their money we have several budgeting tools available in the Westpac app and educational resources online through the Master Your Money webpage or via Westpac’s Davidson Institute.
“We know customers are looking carefully at their budgets as interest rates rise. While many are adjusting to making higher repayments, we understand others may need extra help.
“To assist we’re reaching out to some customers we believe may need additional support, we also encourage any customer doing it tough to give us a call,” said Mr de Bruin.
Westpac considers a range of factors when reviewing interest rates balancing the needs of both borrowers and savers. This includes the cash rate, returns and market environment.
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