Westpac has announced an increase to the Variable Interest Rate for all existing and new Home Loans & Investment Property Loans.
The increase will be effective on 20th November 2015 with Westpac Variable Interest Rates rising to:
Home Loans
5.68%p.a. (CR 5.82%) – Standard
4.98%p.a. CR 5.35%) – Premier Advantage Package discount of 0.70%
Investment Property Loans
5.95%p.a. (CR 6.09%) – Standard
5.25%p.a. (CR 5.62%) – Premier Advantage Package Discount of 0.70%
These increases are the result of recent penalties being applied to Westpac by APRA, and whilst Westpac is incurring the wrath of APRA, other Banks are continuing to offer record low variable interest rates from:
Home Loans: 3.99%p.a. (CR 4.43%)
Investment Property Loans: 4.14%p.a. (CR 4.15%)
Based on these interest rates a Westpac customer with a loan amount of $400,000.00 can be paying higher interest charges of
Home Loans: $3,960.00 p.a. – $6,760.00 p.a.
Investment Property Loans: $4,440.00 p.a. – $7,240.00 p.a.
There are several options that may be available to Westpac customers to protect themselves from paying these higher interest rates.
Our Mortgage Specialists will personally be contacting all DPF Mortgage Specialists clients with Westpac loans over the coming days to discuss the impact of these changes and their options.
If you have any questions, or you have a friend / family member would like to discuss their options, please do not hesitate to call ph: 0755 274744 or click on ” CONTACT US “.
