July 2022 interest rate update

6 July 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’)
5.50 6.00 0.50
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
5.85 6.35 0.50
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
6.15 6.65 0.50
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’)
6.28 6.78 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 to our Easy Saver product by 0.50% to 1.35% p.a. for balances up to $50k.

Both home loan and select savings interest rate changes are effective 15 July 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.

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