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ANZ, Westpac and the Commonwealth Bank have all made a move to offset higher funding costs through raising rates 15 to 25 basis points above the RBA's official cash rate rise in November for variable business loans.
Commenting to The Australian, Westpac said that like other lenders they were feeling the increased pressure of funding costs.
“We are facing the same funding pressures that all banks are facing and we are passing on some of those costs through to customers,” a Westpac spokesperson said.
The decision to lift rates was vindicated by news that the three-month bank bill swap rate reached an 11-year high on Friday of 7.51 per cent.
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