Westpac yesterday increased a number of its medium and long term fixed home loan rates. The increase isn't too much of a surprise when you look at recent developments in the offshore markets.
We compare Westpac's rates here and while they are towards the top end of the market there are other lenders with higher rates in these maturities. It is our expectation that other lenders will follow suit and increase rates soon.
The increases, coupled with decreases to short term rates in the past week mean that the yield curve has steepened quite considerably over recent weeks, making short term rates look even more attractive to borrowers.
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