Westpac has followed ANZ and raised its floating rate 40 basis points, but, unlike big blue, it has cut some rates. It raised all fixed rates for terms of two years or less by between 5 and 30 basis points with the biggest increases being for shorter terms.
Three and four years rates were cut 60 basis points and its five year rates was decreased by 50 points.
General manager of product, sustainability and marketing Sarah Hearn said the bank was "offering ‘special’ rates for eligible customers across each of those terms at 5.99%. These competitive rates are a helpful way for customers to gain certainty about their repayments, which is important in a period like this where the outlook on interest rates is unclear.”
Hearn says Westpac is closely monitoring how households are faring in managing loan repayments.
“While most customers are coping well with the rising cost of living and increases to interest rates, we know these conditions will be causing challenges for some borrowers," she said in a statement.
The Government has had a third go at fixing the rules around the Credit Contracts and Consumer Finance Act (CCCFA). [READ ON]
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