Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

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

Westpac raises interest rates

Huntley Mitchell 1 minute read

Westpac has released details of pricing changes for some of the bank’s lending products.

Speaking to The Adviser, a Westpac spokesperson said the major has increased interest rates for its commercial loans by 23 basis points, while its small business loan interest rates have risen by 19 basis points.

The spokesperson said that lending activity within Westpac’s commercial and business banking division has included heightened competition and increased funding costs, which has impacted returns for the bank.

“While we have been disciplined in managing our margins, over the long term, all businesses must deliver sustainable returns,” the spokesperson said.

Furthermore, Westpac has made available two new fixed-rate offers on its business loans, with the bank’s three-year rate now at 3.99 per cent, while its five-year rate is now at 4.99 per cent.

Westpac’s pricing changes come after ANZ and NAB announced rate increases on a number of their business lending products.

[Related: YBR raises home loan rates]

Westpac raises interest rates
default
TheAdviser logo

default

 

more from the adviser
mario rehayem Pepper to 'widen' product and channel following IPO

The non-bank lender has revealed it will expand its product and c...

NAb building logo NAB sees applications rise 45%

The major bank saw a 45 per cent increase in mortgage application...

interest rate Citi reduces variable rates

The non-major bank has reduced variable rates by up to 20 basis p...

FROM THE WEB