Westpac’s fixed rate increase of up to 40 basis points applies to a medley of owner-occupied and investment loans for both principal and interest (P&I) and interest-only (IO) options.
This includes fixed loans from one to five years as well as both packaged and non-packaged loans all bearing a variety of loan-to-value ratios (LVR).
Westpac subsidiaries St George, BankSA, and Bank of Melbourne also increased fixed rates by similar margins.
Some highlights across Westpac’s fixed rate increases for owner-occupiers included:
- Fixed Options IO 4 Years 70%: 30 basis point increase to 4.39% p.a. (5.04% comparison rate*)
- Fixed Options IO 5 Years 70%: 40 basis point increase to 4.49% p.a. (5.02% comparison rate*)
- Fixed Options P&I 4 Years 70%: 30 basis point increase to 3.84% p.a. (4.47% comparison rate*)
- Fixed Options P&I 5 Years 70%: 30 basis point increase to 4.09% p.a. (4.52% comparison rate*)
- Premier Advantage Fixed Options IO 4 Years 70% 150k+: 20 basis point increase to 4.09% p.a. (4.28% comparison rate*)
- Premier Advantage Fixed Options IO 5 Years 70% 150k+: 30 basis point increase to 4.19% p.a. (4.34% comparison rate*)
Increases across Westpac’s fixed home loan rates for investors included:
- Investment Fixed IO 3 Years 70%: 15 basis point increase to 3.79% p.a. (5.09% comparison rate*)
- Investment Fixed IO 4 Years 70%: 30 basis point increase to 4.24% p.a. (5.13% comparison rate*)
- Investment Fixed P&I 3 Years 70%: 20 basis point increase to 3.64% p.a. (4.87% comparison rate*)
- Investment Fixed P&I 4 Years 70%: 30 basis point increase to 4.04% p.a. (4.89% comparison rate*)
- Premier Advantage Investment Fixed IO 4 Years 70%: 20 basis point increase to 3.94% p.a. (4.37% comparison rate*)
- Premier Advantage Investment Fixed P&I 4 Years 70%: 20 basis point increase to 3.74% p.a. (4.14% comparison rate*)
Westpac’s owner occupier four-year fixed rate paying P&I with up to 70% LVR is now 175 basis points higher than it was a year ago.
This means on the ABS-noted average home loan size of $602,000, a borrower could pay an extra $567 per month on a 30-year term, excluding any extra fees.
Westpac economists have pencilled in an August 2022 RBA rate hike of 15 basis points.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | |||||||||||||
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Variable | More details | ||||||||||||
FEATUREDOnline ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase | loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)
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loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)
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Variable | More details | ||||||||||||
FEATUREDRefinance OnlyApply In Minutes | Unloan – Variable Rate Home Loan – Refinance Only
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Unloan – Variable Rate Home Loan – Refinance Only
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Variable | More details | ||||||||||||
FEATURED | Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)
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Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)
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- Immediate cashback upon settlement
- $2000 for loans up to $700,000
- $4000 for loans over $700,000
Image by Rick Bella via Pixabay.

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