Westpac has lifted the interest rate on its standard variable home loan by 10 basis points.
As of Wednesday the rate of interest on its variable-rate products will be 9.37 per cent.
Westpac group executive of consumer financial services Peter Clare said the decision had been made in light of continued funding pressures.
“Operating as we do in the global economy, long- and short-term funding costs are at record levels,” he said.
“We will continue to absorb a significant portion of the additional borrowing costs that we are experiencing on behalf of our customers.”
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