Bankwest increases rates by 40bps

Bankwest has joined the big four banks and increased its standard variable home loan rate above the official increase of 0.25 basis points.


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With the all the banks putting up interest rates beyond the reserve bank increase I wonder when the banks will reduce interest rates on deposits. The competition for deposits is one of the key drivers of their cost of funds. I wonder whether they will continue to scramble for deposits and in doing so inflating their own costs, which they will ultimately pass onto the borrowers in the form of increased rates over and above the reserve bank rates?

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