Westpac says no rate rise from us

Westpac will not be moving to raise its standard variable mortgage rates unless the Reserve Bank lifts the official cash rate said Westpac chief executive Gail Kelly. Kelly said the bank was currently “comfortable” with its home loan rates in spite of the increasingly challenging lending environment.

Westpac raised rates by almost double the RBA’s rate rise in December 2009 and maintains the highest standard variable mortgage rate of any of the major banks. “The Australian economy is robust but conditions in Europe and signs of slowing growth in the US continue to create global uncertainty,” she said. “In these circumstances we believe it is prudent to maintain our very strong capital levels and provisioning coverage.”

Source: The Daily Telegraph

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