Westpac raises rates twice in one week
Monday, October 19th 2009, 6:49AM
Westpac raised all its fixed rates at the end of last week with the main change being made to its one-year rate which was increased by 40 basis points. These changes are made on top of Westpac's rate increases it made last Tuesday to its one-year, 18-month and two-year rates. These rates were raised last week in total of 50, 40 and 44 basis points respectively. Even with these latest changes, Westpac still have the lowest six-month, three and five-year fixed rates for a major bank.
AMP Home Loans has cut 16 basis points off its floating rate this morning and raised its one-year rate by 35 points and its two-year rate rose by 44 basis points. AMP also increased its three, four and five-year rates by 25, 30 and 35 points respectively.
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