August 29, 2018 / 5:17 AM / a year ago

Australia's Westpac to hike mortgage rates as funding costs jump

SYDNEY, Aug 29 (Reuters) - Australia’s Westpac Banking Corp said on Wednesday it will raise variable home loan rates by 14 basis points, effective from Sept. 19, due to an increase in its wholesale funding costs.

Australia’s central bank has kept the official cash rate at a record low 1.50 percent since 2016 and signalled a steady path for some time.

Westpac’s variable mortgage rate for owner-occupier properties will increase to 5.38 percent per annum for customers with principal and interest repayments.

The rate for residential investment properties will go up to 5.93 percent, the bank said in a statement. (Reporting by Swati Pandey Editing by Darren Schuettler)

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