Westpac increases interest rates on home loans

WESTPAC, ING and National Australia Bank’s online division are raising fixed and variable home loan interest rates by up to 60 basis points. Westpac is the first of the four big banks to introduce the rate hikes, while NAB’s UBank is increasing standard variable rates by 10 basis points, the Australian Financial Review reports. For Westpac customers, the largest increase will affect investors who take a five-year fixed rate investment property loan from November 28. #111