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Banks increase variable interest rates for home loans

Friday 28th March 2008

There were additional increases in the variable interest rates for home loans outside the recent Reserve Bank of Australia increase earlier this month.

Westpac Banking Corporation has announced an increase to the standard variable rate home loans available from Westpac of 10 basis points, 0.10 percent.

Prior to this rise Westpac had the lowest rate available from the major banks.

Commonwealth Bank who were one of the first to lift their variable interest rate home loans by 0.10 percent more than the Reserve Bank of Australia rise earlier this month now have the lowest rate among the major banks. A report from earlier this month on the Commonwealth Bank increase

National Australia Bank also announced increases to variable interest rate home loans this week that are outside the RBA increase from earlier in March.

Many lenders outside the major banks have increased variable interest rates in excess if the increase to variable interest rates from the major banks.