Powered by MOMENTUM MEDIA
the adviser logo
Lender

Westpac hikes interest-only rates

by Francesca Krakue1 minute read

Westpac has today announced it will be increasing rates on its interest-only fixed rate loans by up to 30 basis points.

For one, two and three-year fixed rate loans, rates for owner-occupier interest-only loans will increase by 30 basis points to 4.56 per cent.

Investors’ fixed rates on interest-only loans will rise by 10 basis points across one, two, three and five-year loan terms to 4.46, 4.56, 4.56 and 4.86 per cent respectively.

Meanwhile, investors’ principal and interest deals will remain unchanged for one, three and five-year loan terms.

For owner-occupiers with principal and interest repayments on one, three and five-year terms, rates will remain unchanged, while two-year fixed loan rates will drop by 11 basis points to 3.88 per cent. For those on four-year terms, the rate will drop by 20 basis points to 4.39 per cent.

A Westpac spokesperson said that these new rates will only apply to customers who wish to fix their loan from today. It will not impact variable rate home loan customers, or existing fixed rate home loan customers.

The spokesperson added, “In response to recent regulatory changes, we have both decreased and increased some of our fixed rates for customers who wish to fix their home loan.

“We are reducing some of our fixed rates by up to 0.31 per cent for customers who make principal and interest repayments, to encourage customers to pay down their home loan in this low interest rate environment.”

  transform

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

CEO Sleepout Pepper Money

Mortgage industry raises more than $160k in CEO Sleepout

On 23 June 2022, several CEOs and directors in the mortgage and finance industry spent a night without shelter to...

READ MORE
alex whitlock

New membership program revealed for The Adviser

Members will be able to access exclusive sales and marketing strategy, business intelligence and exclusive market...

READ MORE
Hot property TA

Hot Property: The biggest property headlines from the week 27 June to...

Welcome to The Adviser’s weekly round-up of the headline stories and news that are important not only for the...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more