Western Pacific Bank (Westpac), one of Australia`s second-largest lenders and one of the big four, was the first to break the silence by announcing a cyclical rate hike.
On Wednesday, WPBC said on Wednesday it would raise its principal and interest rates by 14 basis points to 5.38 percent on floating loans to homeowners as funding costs continue to rise.
The reforms will take effect on Sept. 19, with three other big banks expected to follow suit: (CBA), the Federal Bank of Australia, (NAB), the National Bank of Australia, and (ANZ), the Australian-New Zealand bank.
It is reported that all banks have been working hard to deal with the sharp increase in financing Chen Ben. But for borrowers, there is no doubt there will be a blow.
West Pacific shares rose 1.7 percent to A $28.60 after the announcement.
