Banks raise interest rates on fixed terms
The major banks have raised their interest rates on fixed home loans. The NAB, Westpac and Commonwealth Bank have all lifted their rates for two-year and three-year fixed loans by 0.2 to 0.4 percentage points.
Westpac has increased fixed-rate mortgages for two-year terms by 0.3 percentage points to 5.49%. Three-year mortgages have increased 0.4 percentage points to 5.79%.
Commonwealth Bank has left its one-year fixed rate unchanged but has increased its rates on longer terms by between 0.2 and 0.45 percentage points.
The banks have blamed higher funding costs for the increases (but nobody believes them).
