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Australia's Westpac Banking raises rates for home buyers
March 17, 2017 / 3:28 AM / in 9 months

Australia's Westpac Banking raises rates for home buyers

SYDNEY, March 17 (Reuters) - Australia’s Westpac Banking Corp said on Friday it will raise mortgage rates across a range of products including for owner occupiers, a day after rival National Australia Bank made a similar move.

Westpac will increase its variable home loan rate for owner occupiers by 3-8 basis points, it said in a statement. Variable rates for property investors will be raised by 23-28 basis points.

On Thursday, NAB became the first of the country’s Big Four lenders to raise mortgage rates, a move that in part will be welcomed by regulators desperate to cool runaway real estate prices. (Reporting by Swati Pandey; Editing by Muralikumar Anantharaman)

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