Westpac home loan rates rise

WESTPAC will raise variable home loan rates by 14 basis points, effective from September 19, due to an increase in its wholesale funding costs.

Australia’s central bank has kept the official cash rate at a record low 1.50 per cent since 2016 and signalled a steady path for some time. Westpac’s variable mortgage rate for owner-occupier properties will increase to 5.38 per cent.