Australia's fourth largest bank Westpac Banking Corp Ltd and and fifth largest St George Bank Ltd have become the latest banks to announce higher interest rates following the Reserve Bank of Australia (RBA) hiking its cash target a quarter percentage point to 7 percent on Tuesday.
Westpac said Thursday it will raise its home loan rates and business loan rates by a quarter percentage and will also move to increase selected personal and business deposit accounts by up to 0.30 percent.
St George will also raise its lending rates by a quarter percentage point.
On Wednesday the nation's largest home lender, Commonwealth Bank of Australia Ltd, took a more aggressive stance, hiking its mortgage rates 0.3 percentage points, putting a 0.05 percent premium on Tuesday's official rate hike.
Westpac said it continues to face funding pressures caused by the market volatility from the impact of the US subprime mortgage crisis, in addition to rate increases triggered by the RBA's decision.
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