Login
ISCOVER
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.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Looking for more benefits?
Become a Premium Member.
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.
JOIN THE DISCUSSION