Westpac lifts mortgage rates
Westpac has moved to lift its variable home loan interest rates by 20 basis points, blaming the imposition of new liquidity rules.
The big banking group announced the move to the Australian Securities Exchange (ASX) after having earlier entered a trading halt before announcing a $3.5 billion capital raising also in response to the new liquidity requirements.
The bank said the new headline owner occupier variable rate would increase to 5.68 per cent with the headline residential investment property variable rate increasing to 5.95 per cent per annum.
Westpac consumer bank chief executive, George Frazis said the decision had been a difficult one and not been taken lightly.
Recommended for you
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
Disgraced adviser Joshua Fuoco described himself as the “biggest monkey” at AFSL Group and provided financial advice via WhatsApp, all while being banned for 10 years, court documents show.
The Compensation Scheme of Last Resort has released the FY26 revised levy estimate, but the FAAA is concerned costs will be pushed into the following year.
Former Iress chief executive, Andrew Walsh, has been promoted to chair of a boutique Sydney advisory firm, having stepped down from the same position at Mason Stevens.
