5 November 2004

Westpac announces increase in Housing Base Rate, decrease in Fixed Rates

Westpac has today announced a 0.20% increase in its Housing Base Rate (HBR) to 8.80%, effective on November 8 for new customers and from November 29 for existing customers.

For your information, this most recent change adds $20.36 to a monthly payment on a $150k mortgage on a 25-year term.

Westpac has also announced a decrease in its two-year fixed rate, from 7.5% to 7.4% and a special 30-month rate – not available from other banks and which extends the discount beyond the two-year period – from 7.45% to 7.25%. These rates are effective from today (5 November).

Westpac has also established a new, six-month term investment rate of 6.6%.

ENDS