May 2026 Interest rate update
Following the Reserve Bank of Australia’s cash rate decision, Bankwest will increase the standard variable interest rate on new and existing home loans by 0.25 per cent per annum, effective 15 May 2026.
While the new rates take effect from 15 May 2026, changes to minimum repayment amounts will not occur immediately. Customers will be contacted directly if their repayment amount is changing, with clear information about what this means for them.
Luke Robinson, General Manager Customer Engagement, said:
“We know changes to interest rates can be challenging for customers, particularly as many households continue to manage cost of living pressures.
Our focus is on providing clarity and support, with simple digital tools that help customers manage their money every day, from tracking and cancelling recurring payments with Subscriptions Manager, to using Virtual Cards for more control over card payments and online spending, alongside tailored assistance for customers who need it.
For customers who are concerned about their repayments, we encourage them to reach out early so we can talk through the options available."
Disclaimer
Media releases are prepared without considering an individual reader’s objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Terms and conditions to access Product Disclosure Statements or Terms and Conditions, which are currently available electronically for products of Bankwest, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.
About Bankwest
Bankwest’s ambition is to be Australia’s favourite digital bank. Bankwest provides great value home lending and secure, easy, and effortless 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 Customer Engagement Centre, and a passionate broker community. Bankwest is a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.