On behalf of Westpac, I'd like to explain our recent rate change.
Westpac recently made the difficult decision to raise its variable home loan rate by 0.45%p.a. This change took effect on 4 December 2009.
As you have your home loan with us, I realise that this has a direct impact on you. I'd therefore like to say that the decision to raise the rate wasn't taken lightly.
Why we increased the rate.
In looking at the amount of the increase, we wanted to be fair to our customers, at the same time ensuring we maintain a sustainable business model, that will see us continue to improve our service and continue to provide home loans to a considerable number of Australians.
Where you can find more information.
For more information and to help you further, we've set up westpac.com.au/interestrate which covers commonly asked questions, gives tips on lessening the impact of rate rises and has a calculator to see the impact on your repayments as a guide.
Who to talk to if you have more questions.
If you have any more questions, please talk to your local Bank Manager in branch, or call us on 1300 368 765. Or please feel free to email me at
[email protected]
You have my commitment that if and when funding conditions change we will be just as responsive in reviewing our rates.
Yours sincerely,
Peter Hanlon signature
Peter Hanlon
Group Executive
Retail and Business Banking.