Westpac to raise fixed mortgage rates
July 31, 2009
Australia's second largest home loan lender Westpac Banking Corporation will increase its fixed mortgage rates because it says the cost of funding has risen.
Westpac will increase its one-year fixed home loan rate by 10 basis points to 5.59 per cent on Tuesday, August 4, spokesman David Lording said on Friday.
The bank will raise its three-year fixed rate by 40 basis points to 6.99 per cent and its five-year rate by 45 basis points to 7.64 per cent.
"The reason is the cost of funding going up," Mr Lording said.
Westpac has about 26 per cent of Australia's home loan market, second to Commonwealth Bank of Australia Ltd which has about 29 per cent.
