Westpac raises fixed home loan rates for the fifth time this year

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on November 04, 2021 Fact Checked
Westpac raises fixed home loan rates for the fifth time this year

Off the back of raising fixed home loan rates three weeks ago, on Thursday Westpac made more changes to fixed interest rates.

Fixed interest rates were increased by between 10 basis points (0.10%), and 21 basis points (0.21%).

This increase follows on from the previous increase of 10 basis points on 19 October, as well as increases in April, June and August this year.

Across Westpac’s home loan portfolio, ‘Fixed Options', 'Investment Fixed’ and 'Premier Advantage' products for owner occupiers and investors were increased. 

Some of Westpac’s changes include:

  • Fixed Options P&I 3 Years 70%: Now 2.49% p.a. (4.10% p.a. comparison rate*)

  • Fixed Options P&I 3 Years 95%: Now 2.59% p.a. (4.20% p.a. comparison rate*)

  • Premier Advantage Fixed P&I 150k+ 3 Years 70%: Now 2.29% p.a. (3.38% p.a. comparison rate*)

  • Investment Fixed IO 3 Years 70%: Now 2.89% p.a. (4.79% p.a. comparison rate*)

Westpac subsidiaries St George, BankSA and Bank of Melbourne also made similar changes.

This comes just two days after the RBA left the cash rate unchanged at 0.10% for the 13th month in a row, but signalled it could raise it earlier than its initial 2024 guidance.

Bankwest also lifts fixed home loan rates

CommBank-owned Bankwest has increased a range of fixed home loan interest rates by between 15 and 72 basis points for fixed owner occupied and investment home loans.

The most significant rise saw Bankwest’s three year fixed rate for owner occupiers increased by 72 basis points to 2.99% p.a. (4.36% p.a. comparison rate*).

Further Bankwest rate changes across its home loan portfolio include:

  • Complete Home Loan Fixed Rate Owner Occupied P&I 5 Years 80%: Now 3.09% p.a. (4.01% p.a. comparison rate*)

  • Fixed Rate Owner Occupied P&I 3 Years 80-90%: Now 3.19% p.a. (4.41% p.a. comparison rate*)

  • Fixed Rate Investment P&I 3 Years 90%: Now 2.99% p.a. (4.82% p.a. comparison rate*)


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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
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
VariableMore details
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of November 27, 2021. View disclaimer.



Image by VisionPics via Pixabay

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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