Westpac & St George Increase Rates

If you have a Westpac or St George home loan, it's about to get more expensive.

The Westpac group (including St George Bank) have today announced an interest rate increase of 0.14% for ALL variable rate loan products effective from Wednesday 19th September 2018. On an averaged size mortgage of $400,000 that's an increase of almost $400 a year. In an industry release the Westpac group said "We carefully consider every interest rate decision we make as we know increasing interest rates impacts our customers. This decision reflects a sustained increase in wholesale funding costs." In May of this year the major lender announced an increase to its after-tax profit of 7%, to $4.2 billion. Do you have a Westpac or St George home loan? Is a rate increase fair enough? Are you now paying too much? Time to review your home loan - get in contact with us for our free service that reviews your current home loans and identifies if you can get a better deal.