June 2022 interest rate update

8 June 2022

Bankwest has today announced 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’)
5.00 5.50 0.50
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
5.35 5.85 0.50
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
5.65 6.15 0.50
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’)
5.78 6.28 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.

These changes are effective as of 17 June 2022, at which point full details will be available on the Bankwest website, while affected customers will shortly receive letters containing details of their home loan change.

Bankwest will also increase the variable interest rate for select savings products, including by 0.50% p.a. on Hero Saver to 1.20% p.a. and Easy Saver to 0.85% p.a.

All changes to deposit rates will be available and reflected on the Bankwest website from 17 June 2022.

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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