Mar 21, 2018 Last Updated 10:48 AM, Mar 21, 2018

New Entry From the Editor :

Glencore acquires $1.7 billion Hail Creek coal mine as rivals exit the industry

Glencore acquires $1.7 billion…

AusBN - Glencore will purchase Rio Tinto’s Hail Creek coal mine in Qu...

TPG Telecom H1 profit dips 11% to under $200 million

TPG Telecom H1 profit dips 11%…

AusBN - Telecommunications firm TPG Telecom has posted a first-half net pro...

Australian junior Raiden Resources strikes momentous deal with Rio Tinto

Australian junior Raiden Resou…

AusBN - Raiden Resources (ASX:RDN) will enter a joint venture with Rio Tint...

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.”


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