Westpac & NAB hike fixed rates

Westpac and NAB both announced increases to their fixed rate mortgages yesterday.

Effective today, Westpac’s fixed rate loans will rise by between 10 and 50 basis points. The hike will take its three year fixed rate mortgage to 6.59% – just 10 basis points behind CBA, who also pushed up its fixed rates yesterday.

NAB also increased its fixed rate mortgages by between 15 and 40 basis points, with its three year fixed rate loan increasing by 40 basis points to 6.49%.

While speculation that variable mortgage rates are set to rise has heated up off the back of CBA’s 10 basis point SVR hike on Friday, a spokesperson for NAB emphasised that no such plans were in the pipeline.

“There are no current plans to move on our standard variable rate,” the spokesperson said.
St George’s three year fixed rate now sits at 5.99% – the lowest of the major banks – while ANZ, which moved to lift its three year rate a fortnight ago, is offering a rate of 6.34%.