Westpac has announced it will raise home loan rates by 0.2%
- Effective November 20
This is part of its move to meet new requirements for banks to hold more capital against mortgages (as per the banking regulator, the Australian Prudential Regulatory Authority, new measures)
- WPAC will also raise $3.5 billion through a share entitlement offer in order to boost its capital reserves
- Other Australian banks have already raised capital and increased rates for property investors