Westpac lifts rates on fixed mortgages
Westpac Banking Corporation raised its interest rates on fixed home loans by up to 40 basis points from Tuesday.
One-year fixed rate mortgages were increased by 20 basis points to 5.39 per cent, while two-year term mortgages rose 30 basis points to 5.49 per cent.
Three-year term mortgages lifted by 40 basis points to 5.79 per cent and five-year term mortgages increased by 10 basis points to 6.39 per cent.
After the fixed rate period, Westpac’s rates will convert to 5.81 per cent, the rate charged for Westpac’s variable investment property plan 2 loan, according to a bank advertisement published in News Ltd newspapers.
The moves came after National Australia Bank (CBA) raised interest rates on two and three-year fixed mortgages by 20 basis points on April 14.
Commonwealth Bank of Australia (CBA) raised its interest rates on fixed rate mortgages by between 20 basis points and 45 basis points from Tuesday, but said one-year home loans will not be affected.
ANZ Banking Group’s rates on fixed home loans have not changed since January 7.
Rates on two-year fixed home loans currently stand at 5.29 per cent at NAB, 5.79 per cent at CBA and Westpac, and 5.99 per cent at ANZ.
AAP
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Paul April 21, 2009
I just checked out the swap rates for the month of April 09 for 1 year through to 15 years and there have been no changes of note in these swap rates. This is collusion of the majors. It is not a response to increasing costs. There have been no changes of note in the swap rates over the last 3 weeks. for example 5 year swap rate at 1/April/09 - 5.54%, today this rate is 5.64%. All other swap rates between 1 year and 15 years is either on par or at most increased by no more than 10 basis points since 1/4/09.
These corporate pirates have no end to their greed.