Westpac  plans to raise $3.5 billion to boost its capital reserves by raising its home loan interest rates.
Westpac plans to raise $3.5 billion to boost its capital reserves by raising its home loan interest rates. PETER PARKS

Westpac to raise home loan interest rates

WESTPAC plans to raise home loan interest rates to shore up its capital buffers to protect against future financial crises.

The bank's variable rate mortgage loans for owner occupiers and property investors will rise by 20 basis points from the middle of next month.

The move will increase Westpac's headline standard variable mortgage rate to 5.68 per cent for owner occupiers.

The variable interest rate for investor loans will rise to 5.95 per cent. Fixed rates are unchanged.

Savers will also benefit as Westpac will increase interest rates on some new term deposits by 25 basis points from Friday.

Read more at ABC News Online.



Missing woman may be on the Northern Rivers

Missing woman may be on the Northern Rivers

28-year-old's handbag handed in to police

'It was tobacco': Baggaley denies dumping 600kg cocaine

'It was tobacco': Baggaley denies dumping 600kg cocaine

Accused allegedly threw cocaine overboard while being pursued

Thunderstorms and widespread rain 'firing up'

Thunderstorms and widespread rain 'firing up'

"A glorious rain band” could bring rainfall for hours

Local Partners