Westpac joins low-equity fee hikes
Westpac is the latest bank to hike its fees for low-deposit borrowers.
Saturday, September 7th 2013, 12:00AM
The bank issued a statement yesterday evening saying the move was a response to the Reserve Bank's looming loan-to-value restrictions. Banks will be required to keep their high-LVR lending to less than 10% of their loan books. Westpac announced it was increasing its low equity margin - charged on top of regular interest rates - from today. For borrowers with an LVR of 80.01% to 85%, the margin increases from 0.25% to 0.5%, and an LVR of 85.01% to 90% attracts a margin of 0.9% from 0.5% before. Borrowers with a deposit of between 5% and 10% will now be charged 1.25% and below 5% borrowers will have to pay an extra 1.5%.
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