Westpac joins ‘big four’ peers to raise home loan rates by 50 bps

(Reuters) – Westpac Banking Corp said on Monday it would raise its variable home loan interest rates by 50 basis points, joining Australia’s other three “big four” lenders in passing on the central bank’s rate hike in full to customers for a fifth straight month.

Commonwealth Bank of Australia, National Australia Bank and Australia and New Zealand Banking Group had increased their mortgage rates on Friday.

New rates for customers of CBA, NAB and ANZ will be effective from Sept. 16, while Westpac’s rates will apply from Sept. 20.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Subhranshu Sahu)