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.”