May 24, 2018 Last Updated 8:19 AM, May 23, 2018

New Entry From the Editor :

Australian construction sector endures slow start to 2018

Australian construction sector…

AusBN - Latest figures from the Australian Bureau of Statistics have shown ...

Australian lithium miner secures three-year supply deal with Tesla

Australian lithium miner secur…

AusBN - Tesla has entered a three-year lithium supply deal with Australian ...

Nearly half of Australia’s big businesses shifting to renewables

Nearly half of Australia’s big…

AusBN - A new report by the Climate Council has found that 46% of Australia...

Westpac joins NAB in raising mortgage rates

Double explosure with businesss chartsAusBNAusBN - Westpac has followed National Australia Bank (NAB) in raising its variable mortgage rates for owner-occupiers and investors. 

The bank has increased its owner-occupier rate by 0.03% to 5.32% for those making principal and interest repayments, meanwhile interest-only rates increased by 0.08% to 5.49%.

Small business variable rates were also raised by 0.08%, as Westpac imitated NAB’s earlier decision to hike up its business rates.

NAB lifted its rates following the move by the US Federal Reserve to increase its cash rate by 0.25%, which has caused a knock-on effect as funding costs rise for Australia’s big banks.

Westpac consumer bank chief executive George Frazis said: “Today's changes are in response to increasing funding costs.

“Despite home loan interest rates being at historically low levels, both deposits and wholesale funding of mortgages have increased over the last nine months.”

@AusBNOnline

This Month's Issue

v3i2 cover web

Subscribe

rgn web banner

abn web banner