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Westpac changes its fixed-rate mortgages
Westpac has made a series of changes to its home loan interest rates, with some falling by as much as 30 basis points and others rising by as much as 15 points.
Westpac has given discounts to some new owner-occupier customers who take out the Premier Advantage Package and make principal-and-interest repayments:
Loan type | Old interest rate | Old comparison rate | New interest rate | New comparison rate |
3-year fixed rate | 3.99% | 4.85% | 3.89% | 4.82% |
5-year fixed rate | 4.29% | 4.87% | 4.09% | 4.79% |
Westpac has also reduced some of its fixed rates for new investment customers who sign up for the Premier Advantage Package and pay principal and interest:
Loan type | Old interest rate | Old comparison rate | New interest rate | New comparison rate |
2-year fixed rate | 4.19% | 5.37% | 4.05% | 5.34% |
3-year fixed rate | 4.29% | 5.34% | 4.19% | 5.29% |
5-year fixed rate | 4.79% | 5.39% | 4.49% | 5.26% |
There are also some discounts for new investment customers who take out the Premier Advantage Package and choose interest-only:
Loan type | Old interest rate | Old comparison rate | New interest rate | New comparison rate |
1-year fixed rate | 4.69% | 5.69% | 4.39% | 5.93% |
2-year fixed rate | 4.45% | 5.82% | 4.15% | 5.76% |
3-year fixed rate | 4.54% | 5.74% | 4.29% | 5.67% |
5-year fixed rate | 5.09% | 5.80% | 4.95% | 5.74% |
However, Westpac has also increased some of its mortgage interest rates.
If you’re an owner-occupier who is paying interest-only and who has the Premier Advantage Package, your interest rates have gone up:
Loan type | Old interest rate | Old comparison rate | New interest rate | New comparison rate |
1-year fixed rate | 4.49% | 5.52% | 4.59% | 5.53% |
2-year fixed rate | 4.34% | 5.43% | 4.49% | 5.46% |
3-year fixed rate | 4.45% | 5.38% | 4.59% | 5.42% |
4-year fixed rate | 4.94% | 5.49% | 4.99% | 5.51% |
5-year fixed rate | 5.04% | 5.52% | 5.09% | 5.54% |
If you’re an owner-occupier who is paying interest-only but who does not have the Premier Advantage Package, your interest rates have increased by a similar amount:
Loan type | Old interest rate | Old comparison rate | New interest rate | New comparison rate |
1-year fixed rate | 4.69% | 5.85% | 4.79% | 5.86% |
2-year fixed rate | 4.54% | 5.72% | 4.69% | 5.75% |
3-year fixed rate | 4.65% | 5.64% | 4.79% | 5.68% |
4-year fixed rate | 5.14% | 5.72% | 5.19% | 5.74% |
5-year fixed rate | 5.24% | 5.71% | 5.29% | 5.73% |
Disclaimer
This article is over two years old, last updated on June 9, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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Product database updated 15 Nov, 2024
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