Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Australia's Westpac to hike mortgage rates as funding costs jump

Published 29/08/2018, 03:16 pm
Updated 29/08/2018, 03:20 pm
© Reuters.  Australia's Westpac to hike mortgage rates as funding costs jump

SYDNEY, Aug 29 (Reuters) - Australia's Westpac Banking Corp WBC.AX said on Wednesday it will raise variable home loan rates by 14 basis points, effective from Sept. 19, due to an increase in its wholesale funding costs.

Australia's central bank has kept the official cash rate at a record low 1.50 percent since 2016 and signalled a steady path for some time.

Westpac's variable mortgage rate for owner-occupier properties will increase to 5.38 percent per annum for customers with principal and interest repayments.

The rate for residential investment properties will go up to 5.93 percent, the bank said in a statement.

Latest comments

How long until this whole thing comes crashing down?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.