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Westpac hikes variable interest rates

by Staff Reporter7 minute read
The Adviser

Westpac today announced a rise of 0.10 per cent to its standard variable home lending rate, effective Friday 2 May 2008.

The change will bring the bank’s standard variable rate to 9.47 per cent, and in line with NAB and ANZ -- who both announced interest rate rises over the weekend.

In justifying the rate rise, Westpac group executive of consumer financial services Peter Clare, said: “Operating as we do in the global economy, long-term funding costs remain at record levels and our average cost of funds continues to increase.”

Published: 28-04-08

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