Bankwest has today announced changes to the interest rates for some of its home loan and savings products.
The changes include an increase in the Standard Variable Rate (SVR) for home loans of 0.25% p.a. for new and existing customers.
Log in
February 2023 interest rate update
9 February 2023
Standard Variable Rate
The Standard Variable Rates below, also referred to as Reference Rates, are benchmark rates used to set home loan interest rates. Each variable home loan product is linked to one of our reference rates. The reference rate for a home loan product – after applying any relevant discounts – determines a customer’s variable interest rate.|
Current rate (% p.a.) |
New rate (% p.a.) |
Change (% p.a.) |
|
|---|---|---|---|
|
Owner Occupiers
(Also known as ‘Mortgage Shredder Reference Rate’) |
7.75
|
8.00
|
0.25
|
|
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’) |
8.10
|
8.35
|
0.25
|
|
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’) |
8.40
|
8.65
|
0.25
|
|
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’) |
8.53
|
8.78
|
0.25
|
Current rate
(% p.a.)
(% p.a.)
New rate
(% p.a.)
(% p.a.)
Change
(% p.a.)
(% p.a.)
Owner Occupiers
(Also known as ‘Mortgage Shredder Reference Rate’)
(Also known as ‘Mortgage Shredder Reference Rate’)
7.75
8.00
0.25
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
8.10
8.35
0.25
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
8.40
8.65
0.25
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’)
(Also known as ‘Investor Interest Only Reference Rate’)
8.53
8.78
0.25
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 interest rates for select savings products, including by 0.25% to its Variable Hero Bonus Rate1 (new Variable Hero Rate: 3.75% p.a.) for balances up to $250,000, and by 0.25% to its Easy Saver Rate for balances up to $250,000 (new rate: 4.00% p.a.).
Both home loan and savings interest rate changes are effective 17 February 2023, with all changes reflected on the Bankwest website from their effective date.
We appreciate and understand the current economic environment is posing challenges for some of our customers, and we are committed to supporting them during this time.
Bankwest encourages any customers concerned about their financial wellbeing to contact us as soon as possible, so we can provide options and solutions to support their individual needs and circumstances.
About Bankwest
Bankwest’s vision is to be a simple, easy bank for the Australian homeowner of today and tomorrow, and our purpose is to build a brighter future for all. Bankwest provides personal and everyday banking solutions for customers across Australia. We support customers in doing their banking in the ways that suit them, with innovative digital solutions, an Australia-based 24/7 Contact Centre, a passionate broker community, and our WA branch network. Bankwest is 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 Standard Variable Rate and the Variable Bonus Rate on the Bankwest Hero Saver product.
