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.



Thieves spotting easy steals on Fraser Coast

premium_icon Thieves spotting easy steals on Fraser Coast

Since July more than 50 vehicles across the region have been stolen

Cash splash at Coast hotels for school holidays

premium_icon Cash splash at Coast hotels for school holidays

Tourists are seeing what the Fraser Coast has to offer.

Drug driver jailed

premium_icon Drug driver jailed

He tested positive when intercepted by police.

Local Partners