Following in the footsteps of ANZ and National Australia Bank, Westpac has independently lifted its standard variable home loan rate a further 10 basis points to 9.47 per cent. The bank blames increased wholesale funding costs for the move.
"We are mindful that this additional rise will have an impact on some family budgets,'' Westpac group executive of consumer financial services Peter Clare said.
"But we want to reassure the community that we have responsible lending practices in place that offer a number of options to help customers manage changes in circumstances.''
Mr Clare said the bank's funding costs remain at record levels.
Official interest rates have remained steady throughout March and April, with the last Reserve Bank interest rate rise taking place in February. However, economists are predicting a further increase to the official cash rate in May.
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