Westpac will raise variable home loan rates by 0.14 percentage points, effective from September 19, due to an increase in its wholesale funding costs.
Australia's central bank has kept the official cash rate at a record low 1.50 per cent since 2016 and signalled a steady path for some time.
Westpac on Wednesday said it's 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.
The rise is expected to add about $400 a year to repayments on a $400,000 mortgage.
Find out more details on SBS Mandarin Website.
