What happens when there’s a change to home loan interest rates.
When home loan rates change, we’ll let you know on Facebook and on our website.
If your home loan is impacted, we’ll let you know directly via email or letter. You’ll also see your new rate and repayment amount in app.
You may need to update your repayments to make sure you’re meeting your minimum monthly repayment amount.
On This Page
Why home loan rates change
The Reserve Bank of Australia (RBA) makes changes
The RBA is Australia's central bank and contributes to Australia’s financial system to promote economic growth. They meet routinely to manage the official cash rate.
When the RBA change Australia’s cash rate, it means our costs of borrowing funds changes too. These funds are, in part, what we use to provide loans to customers.
The bank changes rates
The bank might increase or decrease rates outside a change to the RBA cash rate for different reasons, like:
- The cost to borrow funds
- Changes to the economy and market
- Risk and regulatory changes and requirements
- Balancing the ratio of lending and deposits to ensure we’re meeting the needs of all customers
- To retain and attract customers and in response to competition.
What to expect when rates change
We’ll post on Facebook
We’ll announce home loan rate changes on our official Facebook account.
We’ll send you an email and updated statement
We’ll email you to let you know your home loan rate is changing.
You’ll also be sent an Account Position Statement (APS) either in the mail or via email which will detail your new rate and repayment amount.
Your rate and repayments will change in app
Your new rate will appear in the app on the day the new rate is effective.
When rates decrease, your repayment amount will appear in the app the day after the rate change.
When rates increase, your repayment amount will appear in the app after a notice period, if it applies to you.
Here’s how you can find them in app:
- Go to ‘Property’
- Select your home loan account
- Your interest rate, next repayment amount and date will be in a green box.
If you’re on a fixed rate
If you’re on a fixed rate, your rate won’t change until after your fixed rate term ends.
How to change your repayment amount
If we set up your recurring payments
We’ll automatically adjust your repayment amount to ensure you continue to meet your minimum monthly repayment amount.
If you’ve opted for a fixed repayment amount, we won’t adjust it automatically.
To change your fixed repayment amount or make any other changes, you’ll need to message us.
If you set up your repayments manually
You’ll need to adjust the amount you pay to ensure you meet your repayment amount.
If you have payments set up in the Bankwest App:
- Check your repayment amount in your home loan account screen
- Update your scheduled payment by navigating to the ‘Money’ tab and tapping ‘Payments’. Tap the payment to edit it.
If you make payments from another bank or financial institution, you’ll need to update your repayment amount directly with them.
When to get in touch
If you’re struggling to meet your repayments or your situation changes
We’re here to help if you’re finding it difficult to manage your repayments or require ongoing financial assistance. It’s a good idea to get in touch early so we can chat to you about ways to manage your loan repayments.
We’re available via chat or phone 6am - 6pm AWST Monday to Friday.
Here’s how to get in touch:
- Message us in the app or online banking – just ask for a Financial Assist Specialist.
- Call us on 1300 769 173
- If you’re overseas, call +61 8 9481 8115. Calls made overseas from landlines or mobile phones will be subject to international call rates.
If you want to discuss your rate or home loan
Messaging us in the app is the best way to review your home loan rate or ask about making other changes to your home loan.