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Westpac follows ANZ's interest rate lead
Released 13 February 2012

Westpac announced a 0.10 per cent increase to its standard variable home loan rate to 7.46 per cent, late Friday (10 February 2012).      

The decision was made shortly after ANZ lifted its rates by 0.06 per cent to 7.36 per cent and following the RBA’s decision last Tuesday to leave interest rates at 4.25 per cent.

Westpac Group Executive Retail and Business Banking Jason Yetton said increasing interest rates is never an easy decision.

“Our move reflects the increase in costs of banks raising money. While we believe that reducing rates in November and December last year was the right thing to do for our customers and the economy, higher deposit costs and higher wholesale funding costs since then make today’s move necessary.

Customers with an average mortgage of $250,000 will see their repayments increase by approximately $16 per month (principal and interest loan).The change in Westpac’s standard variable home loan rate will become effective on 20 February 2012.

It follows a 0.50% ($66 per month for a $250,000 mortgage) reduction in the variable home loan rate through cuts in November and December last year.

All eyes are now on CBA and NAB to see if they too will lift interest rates.