Major bank shifts fixed rates

by Miklos Bolza24 Apr 2017
Westpac has announced a number of fixed rate moves across its owner occupier and investor products.

The rate changes will affect customers who wish to fix their loan from today (24 April) and will not impact variable rate home loan or existing fixed rate home loan customers.

“In response to recent regulatory changes, we have both decreased and increased some of our fixed rates for customers who wish to fix their home loan," a Westpac spokesperson said.

“We are reducing some of our fixed rates by up to 0.31% for customers who make principal and interest repayments, to encourage customers to pay down their home loan in this low interest rate environment.”

A number of rate changes at St George – which is owned by Westpac – have also been announced. Changes across both banks can be found in the tables below:
 
P&I owner occupier – packaged ($150k+)
  Westpac St George
Current New Change Current New Change
1 year 3.99% 3.99%   3.99% 3.99%  
2 year 3.99% 3.88% -0.11% 3.99% 3.99%  
3 year 4.09% 4.09%   4.09% 4.09%  
4 year 4.59% 4.39% -0.20% 4.59% 4.39% -0.20%
5 year 4.39% 4.39%   4.39% 4.39%  
 
IO owner occupier – packaged ($150k+)
  Westpac St George
Current New Change Current New Change
1 year 4.16% 4.46% +0.30% 4.19% 4.44% +0.25%
2 year 4.16% 4.46% +0.30% 4.19% 4.44% +0.25%
3 year 4.26% 4.56% +0.30% 4.29% 4.54% +0.25%
4 year 4.76% 4.86% +0.10% 4.79% 4.84% +0.05%
5 year 4.56% 4.86% +0.30% 4.59% 4.84% +0.25%
 
P&I investor – packaged ($150k+)
  Westpac St George
Current New Change Current New Change
1 year 4.19% 4.19%   4.19% 4.19%  
2 year 4.19% 3.88% -0.31% 4.19% 4.19%  
3 year 4.29% 4.29%   4.29% 4.29%  
4 year 4.86% 4.59% -0.27% 4.84% 4.59% -0.25%
5 year 4.59% 4.59%   4.59% 4.59%  
 
IO investor – packaged ($150k+)
  Westpac St George
Current New Change Current New Change
1 year 4.36% 4.46% +0.10% 4.39% 4.44% +0.05%
2 year 4.36% 4.46% +0.10% 4.39% 4.44% +0.05%
3 year 4.46% 4.56% +0.10% 4.49% 4.55% +0.05%
4 year 5.03% 4.86% -0.17% 5.04% 4.84% -0.20%
5 year 4.76% 4.86% +0.10% 4.79% 4.84% +0.05%

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