West Pacific Bank (Westpac) announced on Tuesday that it would tighten its lending policy again for overseas buyers and investors, and yesterday announced specific measures-to raise the fixed interest rate on mortgages again.
West Pacific Bank will raise interest rates on two -, three-and five-year fixed-rate mortgages with effect from Nov. 28, Sydney Morning Peak reported.
The biggest increase was on five-year fixed-rate investment mortgages, which will rise 0.6 percentage points to 4.79 percent.
Interest rates on two-and three-year fixed-rate investment mortgages will rise 0.3 percentage points.
One-year and four-year fixed interest rates remain unchanged for homeowners and investment mortgages.
The five-year fixed rate will rise 0.54 percentage points to 4.59% for homeowners.
The increase will not affect buyers who previously owned Westpac fixed-rate loans.
