 Banks lift fixed interest rates
Westpac Bank will lift rates for its fixed mortgages. Rates for one year, three year and five year fixed home loans will rise as of tomorrow.
Spokesman David Lording says one-year fixed home loan rates will rise by 10 basis points to 5.59 per cent and three-year fixed rate loans will rise by 40 basis points to 6.99 per cent. It's five-year rate will rise by 45 basis points to 7.64 per cent.
Mr Lording says rates are being lifted because funding costs have risen.
Westpac is currently Australia's second largest home loan lender, with Commonwealth still the largest in Australia.
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