Bankwest has announced changes to its variable interest rates, effective 4 October 2018.
All variable interest rates for Principal and Interest (P&I) and Interest Only (IO) home loan customers (owner occupiers and investors) will increase by 15 basis points.
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Changes to Bankwest variable rates
6 September 2018
Variable interest rates
| Current Standard Variable Rate P&I (p.a.) | New Standard Variable Rate P&I (p.a.) | Current Standard Variable Rate IO (p.a.) | New Standard Variable Rate IO (p.a.) | |
|---|---|---|---|---|
|
Owner Occupier
|
5.42%
|
5.57%
|
5.77%
|
5.92%
|
|
Investor
|
6.07%
|
6.22%
|
6.32%
|
6.47%
|
Current Standard Variable Rate P&I (p.a.)
New Standard Variable Rate P&I (p.a.)
Current Standard Variable Rate IO (p.a.)
New Standard Variable Rate IO (p.a.)
Owner Occupier
5.42%
5.57%
5.77%
5.92%
Investor
6.07%
6.22%
6.32%
6.47%
Bankwest Managing Director Rowan Munchenberg said the decision had not been taken lightly and was due to a sustained increase in wholesale funding costs.
“The cost of borrowing has risen significantly since the start of the year, but so far we have been able to absorb these costs to minimise the impact on our home loan customers,” he said.
“I encourage home loan customers to contact Bankwest to explore the full range of options available to them to ensure their current arrangements are meeting their individual needs.”
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