Author: 123jump.com Staff
123jump.com
Last Update: 7:38 PM EDT April 28 2008

Westpac Banking Corp, the third bank to raise its variable mortgage rate by 10 basis points to 9.47% at the end of this week. Earlier, ANZ and NAB raised their rates for mortgage loans. The Reserve Bank of Australia last increased its official rates in February, when its cash rate was increased to 7.25%. Westpac share was up 1.2%, ANZ rose 3.2% and National Australia Bank Ltd added 3.2%. Orica reported 7% rise in earnings and said its cost savings plan from the merger with Dyno is on track.