Major bank hikes fixed rates

By Gerv Tacadena

Westpac has introduced increases in its fixed-rate offerings for owner-occupiers.

The bank and its subsidiaries have hiked their two- and three-year fixed rates under the Premier Advantage Package for owner-occupiers by 0.10%, bringing the new rates to 1.89% and 1.98%, respectively.

The rate changes also apply to the two- and three-year fixed-rate offerings of St. George and Bank of Melbourne.

Westpac also increased its standard two- and three-year fixed rates to 2.09% and 2.18%, respectively.

The two- and three-year standards fixed rates also increased for the two subsidiary banks, hitting 2.04% and 2.13% respectively.

Westpac was among the 12 lenders, including Commonwealth Bank, that have increased their short-term fixed rates since May.

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