Banks react to rate rise
Friday March 5, 2010
Westpac has announced that it will raise its interest rates on its standard variable mortgage rate by 25 basis points after the recent increase by the Reserve Bank of Australia. This follows both ANZ and Commonwealth Bank who all increased mortgage rates by 25 basis points.
On the 2nd March the Reserve Bank of Australia announced that the official cash rate would rise from 3.75 to 4 per cent in reaction to the strengthening economic conditions and financial indicators such as the Australian dollar, value per dwelling and unemployment rate.
Westpac's standard variable rate now sits at 7.01 per cent while all Westpac credit cards will be affected by an increase of a quarter of a percentage point.
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