May 2022 interest rate update

4 May 2022

Bankwest has today announced an increase in its Standard Variable Rate (SVR) for home loans of 0.25% p.a. for new and existing customers.

Standard Variable Rate

   Current rate
(% p.a.)
New rate
(% p.a.)
(% p.a.)
Owner Occupiers
(Also known as ‘Mortgage Shredder Reference Rate’)
4.75 5.00 0.25
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
5.10 5.35 0.25
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
5.40 5.65 0.25
Investors - Interest Only
(Also known as ‘Investor Interest Only Reference Rate’)
5.53 5.78 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.

These changes are effective as of 18 May 2022, at which point full details will be available on the Bankwest website, while customers will shortly receive letters containing details of how their home loan repayments will be affected.

We appreciate it has been a significant amount of time since interest rates have risen and understand this may cause difficulties for some of our customers, and we are here to support customers at 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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