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Westpac to raise home loan interest rates

Westpac  plans to raise $3.5 billion to boost its capital reserves by raising its home loan interest rates.
Westpac plans to raise $3.5 billion to boost its capital reserves by raising its home loan interest rates. PETER PARKS

WESTPAC plans to raise home loan interest rates to shore up its capital buffers to protect against future financial crises.

The bank's variable rate mortgage loans for owner occupiers and property investors will rise by 20 basis points from the middle of next month.

The move will increase Westpac's headline standard variable mortgage rate to 5.68 per cent for owner occupiers.

The variable interest rate for investor loans will rise to 5.95 per cent. Fixed rates are unchanged.

Savers will also benefit as Westpac will increase interest rates on some new term deposits by 25 basis points from Friday.

Read more at ABC News Online.

Topics:  bank editors picks home loans interest rates westpac


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