Westpac Banking Corporation Ltd
(ASX:WBC) is to pass on the full rate rise announced by the RBA yesterday, raising its standard variable mortgage rate by 25 basis points.
Yesterday the central bank raised the Official Cash Rate by 25 basis points to 4%.
Soon after the announcement, the Commonwealth Bank and ANZ raised their mortgage rates by a quarter of a per cent.
According to The Australian, on Friday Westpac will lift its standard variable rate to 7.01% with rates charged on credit cards also to rise by 25 basis points.
St George, which recently merged with Westpac, has also passed on the full rate rise to customers.
Westpac landed itself in hot water in December after raising mortgage rates by 45 basis points, almost double the RBA’s 25 basis point increase.
Westpac reported net profit after tax of $3.4 billion for fiscal 2009.
