Westpac Banking Corporation Raises Fixed Mortgage Rates Again as Borrowers Face RBA Test
Westpac has raised fixed home-loan rates by 15 basis points, taking its lowest two-year fixed offer to 6.29%. All major Australian banks have increased fixed rates since the March RBA decision. Westpac economists expect three more RBA rate hikes by August. The bank’s net interest margin fell to 7 basis points in Q2, and transaction costs from a mortgage portfolio sale will cut net profit by A$75 million.