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Westpac Raises Mortgage Rates
On October 14, 2015 the Sydney Morning Herald reported that Westpac was raising interest rates on variable interest owner occupied home loans (Westpac rate rise ushers in end of the property boom, Elizabeth Knight). This move has caused speculation in the industry that other banks may follow suit. The raise in interest rate of .2% was attributed to the cost of doing business of raising the amount of capital that is required by the Australian Prudential Regulation Authority (APRA). Westpac is in effect passing this cost on to their customers. Most industry observers expect the other big 3 banks (Commonwealth…