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Westpac has lifted the interest rate on its standard variable home loan by 10 basis points.
As of Wednesday the rate of interest on its variable-rate products will be 9.37 per cent.
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Westpac group executive of consumer financial services Peter Clare said the decision had been made in light of continued funding pressures.
“Operating as we do in the global economy, long- and short-term funding costs are at record levels,” he said.
“We will continue to absorb a significant portion of the additional borrowing costs that we are experiencing on behalf of our customers.”
Published: 31-03-08
