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.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsRow TagsFeaturesLinkComparePromoted ProductDisclosure
5.79% p.a.
5.83% p.a.
$2,931
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.74% p.a.
5.65% p.a.
$2,915
Principal & Interest
Variable
$0
$0
80%
  • 100% owned by Commbank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
5.84% p.a.
6.08% p.a.
$2,947
Principal & Interest
Variable
$250
$250
60%
  • 100% offset
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Offset
  • Redraw
  • More details
  • Easy application. Fast approval. 100% offset.
  • Unlimited additional repayments free of charge.
  • Redraw available - Access additional payments.
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Rick Bella via Pixabay.



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