Westpac is lifting its mortgage and term deposit rates, the third bank to do so this week.
It follows similar moves by ANZ, the country’s largest bank, and ASB, which both hiked their longer-dated mortgages.
Westpac said its standard fixed one-year home loan rate will increase six basis points to 7.85 per cent, effective from Friday.
The two, three and four-year fixed home loan rates will jump 20bp.
Its five-year fixed rate will also increase 26bp to 6.85 per cent.