Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Westpac increases fixed rates

By Staff Reporter
13 January 2010 | 1 minute read

Westpac has confirmed yesterday that it will lift interest repayments on its fixed rate mortgages by as much as 0.25 per cent.

Advertisement
Advertisement

Westpac senior media relations manager Jane Counsel told Mortgage Business that higher funding costs and market rate movement had forced the bank to lift its rates.

“We are moving in line with the yield curve,” Ms Counsel said.

Higher funding costs and new liquidity rules from the Australian Prudential Regulation Authority continues to place pressure on the majors.

Westpac's chief executive Gail Kelly told The Australian Financial Review yesterday that the new liquidity rules could have serious, unintended consequences on funding availability.

ANZ treasurer Rick Moscati agreed and said that under APRA’s current proposals lending growth may have to slow and “the cost of funding lending would increase significantly.”

Since April last year, Westpac has raised its fixed rates by more than 110 basis points.

A spread of 25 basis points now separates the four majors, with Westpac’s five year fixed rate home loan is priced the highest at 8.14 per cent.

CBA and ANZ follow closely behind at 8.04 per cent, while NAB offers the most competitive five year fixed rate at 7.89 per cent.

Westpac increases fixed rates
default
lawyersweekly logo

Tags:

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.