For Immediate Release
30 July 2004

Westpac announces increase in Housing Base Rate

Westpac has today announced a 0.25% increase in its Housing Base Rate (HBR) to 8.35%, effective 5pm on August 2 for new customers and from August 23 for existing customers.

The change is caused by a lift in the 90-day bill rate, which sets Westpac’s cost of funds. When Westpac last lifted its HBR on June 10 the 90-day bill rate stood at 6.03% and it now stands at 6.33%.

Some fixed rates and deposit rates are also changing.

For your information, this most recent change adds $25.04 to a monthly payment on a $150k mortgage on a 25-year term.

ENDS