Westpac gives borrowers a slap in the face

The Reserve bank has raised official interest rates by 0.25 per cent for the third month in row, taking the official cash target rate to 3.75 per cent. Westpac have angered the federal government by moving rates up on their standard variable mortgage product by 0.45 per cent, 0.20 per cent more than the RBA.

Other banks have not yet announced how they will adjust their rates across their range of products. The treasurer Wayne Swan said Westpac's cynical move was "a slap in the face" to its customers. "I think Westpac and any other bank that follows Westpac's lead can expect a very severe backlash from their customers and from the community generally," he said.

Source: Herald Sun