PHOTO: In a move expected to be followed by other big lenders, Westpac has increased rates for all homeowners.
WESTPAC has become the first of the Big Four banks to increase interest rates for all homeowners in a “tough decision” that’s set to add $35 more to the average monthly mortgage repayment.
The move was likely to be followed by other lenders and comes a week out from the Reserve Bank’s monthly monetary policy meeting on Tuesday — a fresh sign that lenders were prepared to move on rates out of cycle to the RBA.
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