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.

Rates
Features
Fees
Other
Lender
VariableMore details
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
VariableMore details
Refinance OnlyApply In Minutes
  • 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.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • 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.
More details
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
More details
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000

More details
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 December 2, 2023. View disclaimer.

Image by Rick Bella via Pixabay.



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