Westpac Hikes Mortgage and Savings Rates Alike

Westpac is lifting its variable mortgage rate by 0.25 percentage point, effective November 13, matching the Reserve Bank of Australia's latest cash-rate increase. The bank raised its Westpac Life savings rate by the same 0.25 point, to 5.50% per year, effective the same day. Borrowers absorb the extra cost while savers at $WBC pick up the extra yield.