BankWest Hikes Rates
BankWest have announced an interest rate increase.
From Thursday 4th October the lender will be increasing all variable rate home loan products by 0.15%.
BankWest managing director blamed the increases on a "sustained increase" in wholesale funding costs.
"They have risen significantly since the beginning of the year," Rowan Munchenberg said.
BankWest is owned by the country's largest bank - the Commonwealth Bank (CBA).
This year the CBA announced a fall in net profit of 4% to $9.38 billion, after having to spend $1.1 billion in fines and cost associated with an ASIC investigation, shareholder class actions, AUSTRAC proceedings into money laundering, the banking royal commission and an APRA inquiry.
Earlier this month CBA announced their own rate hike of 0.15% that will net them an extra half a billion dollars in income.
Fair enough you think?
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