Via ABC:
Westpac will increase its variable mortgage rates to counter rising funding costs that are threatening the bank’s profit margins.
It is the first of the big four banks to raise interest rates for all its variable home loans this year, although many smaller banks had already moved to offset higher costs.
The bank said all variable mortgage rates will rise by 14 basis points (0.14 percentage points) from September 19.
The increase will apply to new and existing customers, and affects both owner-occupiers and investors.
Bang! Aussie dollar was bashed as RBA rate hike dreams evaporated. Cuts are next:
And bonds were bid bigly:
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Expect three more imminent blows to the consumer’s head.
