November 2022 interest rate update

2 November 2022

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.

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’)
7.25 7.50 0.25
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
7.60 7.85 0.25
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
7.90 8.15 0.25
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’)
8.03 8.28 0.25
  
Current rate
(% p.a.)
New rate
(% p.a.)
Change
(% p.a.)
Owner Occupiers
(Also known as ‘Mortgage Shredder Reference Rate’)
7.25
7.50
0.25
Owner Occupiers – Interest only
(Also known as ‘Mortgage Shredder Interest Only Reference Rate’)
7.60
7.85
0.25
Investors
(Also known as ‘Investor Variable Reference Rate’ or ‘Investor Reference Rate’)
7.90
8.15
0.25
Investors – Interest only
(Also known as ‘Investor Interest Only Reference Rate’)
8.03
8.28
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 0.50% to its Variable Hero Bonus Rate1 (new Variable Hero Rate: 3.25% p.a.) for balances up to $250,000, and by 0.25% to its Easy Saver Rate for balances up to $50,000 (new rate: 2.85% p.a.).

An increase will also be applied to Bankwest's 12-month Term Deposit (new rate: 4.10% p.a.).

Both home loan and savings interest rate changes are effective 11 November 2022, while Term Deposit increases will be effective 4 November 2022, with all changes reflected on the Bankwest website from their effective date.

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.

1The Variable Hero Rate is calculated by combining the Standard Variable Rate and the Variable Bonus Rate on the Bankwest Hero Saver product.

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