Australia's Westpac to reportedly lift mortgage rates
Australia's Westpac and National Australia Bank (NAB) online are increasing fixed and variable home loan interest rates by up to 60 basis points, according to media reports.
Westpac Banking Corporation
$25.69
07:35 26/04/24
Westpac is the first of Australia's big four to hike rates, while NAB's Ubank was increasing standard variable rates by 10 basis points, the Australian Financial Review reported
For Westpac customers, the largest increase will affect investors who take a five-year fixed rate investment property loan from November 28. They will see an increase of 0.6 percentage points to 4.59%. Existing Westpac fixed rate loans, will not be affected.
The Westpac five-year fixed rate home loan interest rate for owner-occupiers will also rise by 0.54 basis points to 4.39%.
The changes also apply to Westpac’s subsidiary St George bank, and separate increases also apply to RAMS, another subsidiary of Westpac, Fairfax Media reported.