BankWest has become the second bank to increase the rate on its standard variable mortgage products independent of any official RBA rate rise.
Like St George, BankWest has added 20 basis points to its rate, which brings its standard variable rate to 9.55 per cent – effective as of today.
BankWest’s RateTracker rate will remain unchanged.
Sally-Ann Parker, BankWest spokesperson, told Mortgage Business the increase was a result of current funding pressures, which she said impacted all banks.
At 9.55 per cent, BankWest’s rate is still 12 basis points below St George’s 9.67 per cent but around 10 basis points higher than those of the big four banks.