Westpac lifted the interest rate on its standard variable home loan today by 30 basis points.
From Tuesday 11 March the bank’s standard variable mortgage rate will sit at 9.27 per cent.
Westpac acting group executive of consumer financial services Jeremy Dean said the bank knew the rise would hurt customers but that the rising cost of funding had made such a move unavoidable.
Westpac is now the second bank to lift rates by more than the RBA’s official cash rate increase.
National Australia Bank hiked its variable home loan interest rate yesterday by 29 basis points.
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