10 September 2004

Westpac announces increase in Housing Base Rate

Westpac has today announced a 0.25% increase in its Housing Base Rate (HBR) to 8.60%, effective 8am on September 13th for new customers and from October 4 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 29 July the 90-day bank bill rate stood at 6.33% and it now stands at 6.61%.

Some housing fixed rates are also changing.

For your information, this most recent change adds $25.25 to a monthly payment on a $150k mortgage on a 25-year term.

ENDS