Westpac will raise variable home loan rates by 0.14 percentage points, effective from September 19, which it says is due to an increase in its wholesale funding costs.
The Bank's CEO Brian Hartzer made the announcement on Wednesday saying its variable mortgage rate for owner-occupier properties will increase to 5.38 per cent per annum for customers with principal and interest repayments, while the rate for residential investment properties will go up to 5.93 per cent.
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