I warned you. Westpac were off the mark early on Tuesday morning with an aggressive term deposit rate, and I blogged that it would put pressure on home loan rates to increase beyond the RBA. Bingo! Westpac was first out with that announcement as well, so clearly they’d planned the whole thing: put out the term deposit good news first to take the sting off the home loan bad news.
St.George are matching the Westpac term deposit offer, so no prizes for guessing what their home loan rates will do.
Now watch the other sheep follow the leader.
Compare home loans at mozo.com.au
Compare term deposits at mozo.com.au