SYDNEY, Oct 4 ― Australia's Westpac Banking Corp and National Australia Bank will raise home loan rates by 0.25 per cent per annum, the lenders said today, shortly after the country's central bank hiked its benchmark rate by 25 basis points.
Australian banks have so far mirrored the Reserve Bank of Australia (RBA) in their rate hike cycle, with similar action expected from other lenders Commonwealth Bank of Australia and Australia and New Zealand Banking Group.
The RBA's hike, which was lower than the 50 basis point projected by a Reuters' poll, lifted banking shares. The financial index closed 4.2 per cent higher, marking their best day since June 2020.
NAB's new interest rate will be effective October 14, while Westpac's will be effective October 18.
Westpac also said the rate on some of its deposits will rise by 0.25 per cent per annum, while NAB said its savings and term deposit rates were “continually under review”. ― Reuters
