Westpac’s increase applies to principal and interest (P&I) and interest-only (IO) options across Fixed, Investment Fixed and Premier Advantage products.
Across Westpac’s home loan portfolio, some of these changes included:
- Fixed Options P&I 3 Years 70%: 30 basis point increase to 4.04% p.a. (4.58% p.a. comparison rate*)
- Fixed Options P&I 4 Years 95%: 30 basis point increase to 4.29% p.a. (4.62 % p.a. comparison rate*)
- Investment Fixed IO 3 Years 70%: 30 basis point increase to 4.39% p.a. (5.52% p.a. comparison rate*)
- Investment Fixed P&I 4 Years 80%: 30 basis point increase to 4.49% p.a. (5.05% p.a. comparison rate*)
Winding the clock back to November, Westpac’s Premier Advantage P&I 150k+ home loan for three years at a loan-to-value ratio (LVR) of 70% was 2.29% p.a. (3.38% p.a. comparison rate*).
Four months later, that same home loan has increased 145 basis points to a fixed rate of 3.74% p.a. (3.74% p.a. comparison rate).
On a $600,000 home loan, waiting that extra four months from November to March could result in home buyers paying approximately $469 extra in interest per month across a 30-year loan term.
Westpac's rate-locking feature applies for 90 days and costs 0.10% of the loan amount charged - for example $600 on a $600,000 home loan.
See Also: What is rate locking and is it worth it?
Westpac makes cuts to some variable products
Westpac cut three ‘Flexi First’ variable rate offerings across P&I and IO loans for owner occupiers and investors.
These changes include:
- Flexi First Option P&I 95% Special Offer: 10 basis point decrease to 2.19% p.a. (2.20% p.a. comparison rate*)
- Investment Flexi First Option IO 70% Special Offer: 20 basis point decrease to 2.79% p.a. (2.80% p.a. comparison rate*)
- Investment Flexi First Option IO 80% Special Offer: 20 basis point decrease to 2.89% p.a. (2.90% p.a. comparison rate*)
Read more: Is it too late to fix your home loan?
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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
