Westpac raises rates, others tipped to follow

Westpac Bank raised its variable owner-occupier and investment property mortgage rates on Wednesday, with other major banks tipped to follow suit.

The move is part of the big banks boosting their capital position to comply with stricter capital rules by the regulator.

All of this comes at a time when some economists say the housing market poses a recession risk.

Westpac says the regulator rules and not economic conditions are to blame for the rate rise by Westpac

Source: Sky News