August 2022 interest rate update

4 August 2022

Bankwest has today announced changes to some of its home loan and select savings product interest rates.

The changes include an increase in its Standard Variable Rate (SVR) for home loans of 0.50% p.a. for new and existing customers.

Standard Variable Rate

Swipe
   Current rate
(% p.a.)
New rate
(% p.a.)
Change
(% p.a.)
Owner Occupiers
(Also known as ‘Mortgage Shredder Reference Rate’)
6.0 6.50 0.50
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
6.35 6.85 0.50
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
6.65 7.15 0.50
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’)
6.78 7.28 0.50
Swipe

Please note: The above reference rates may not apply to your particular repayment type. The reference rate and discount margin applicable to an individual loan is specified in the loan contract. Please review your loan contract to identify which reference rate applies to you or get in touch with us via the Bankwest App or call on 13 17 19.

Bankwest will also increase the standard variable interest rate for select savings products, including an increase of 0.50% to its Variable Hero Rate1 (new rate: 2.00% p.a.) for balances up to $250,000, and its Easy Saver Rate for balances up to $50,000 (new rate: 1.85% p.a.).

Both home loan and select savings interest rate changes are effective 12 August 2022, at which point they will be reflected on the Bankwest website.

We appreciate and understand rising interest rates might cause difficulties for some of our customers, and we are here to support them during this time.

With the potential for challenging economic conditions to continue for the foreseeable future, we will be actively reaching out to customers with options and solutions to support their financial wellbeing over the months ahead.

About Bankwest
Bankwest’s vision is to deliver brilliant customer experiences every day and our purpose is to build a brighter future for all. Bankwest provides personal and business banking solutions for customers across Australia. Our customers enjoy access to an extensive network of branches and business centres, direct and third-party distribution channels, agencies and electronic banking facilities, as well as 24-hour banking on the telephone, internet and app. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.

1 The Variable Hero rate is calculated by combining the Variable Standard Rate and the Bonus Rate on the Bankwest Hero Saver product.

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