Banks begin to follow rate rise

Westpac has been one of the first banks to raise its variable interest rate by 0.25%. Their variable rate now stands at 7.82%. Some lenders have not moved their rates yet so it could be a good time to get in and fix while rates are still historically quite low. Home Path are still advertising a 5 years fixed rate at 6.99% on their website so I am will call them and see if it is still available. Don't forget to check out the comparison rate too. The Cannex site is a good source of information on current loan rates. Check out the infochoice graph to see how rates have moved over the last decade.