SBS Bank has raised most of its fixed mortgage rates by between 5 and 20 basis points (bps). See and compare all the rates here. Banks in recent weeks have been reducing their variable mortgage rates while generally raising fixed mortgage rates, increasing incentives for borrowers to stay floating rather than moving to fixed. Longer term funding costs are rising for the banks as governments increase borrowing globally, while variable rates are more closely linked to official cash rates which look to be on hold at record low levels for the foreseeable future. On the same day that Westpac lowered its six month mortgage rate by 20 bps to 5.29%, SBS raised its six month rate by 20 bps to 5.8%. SBS also raised its two year rate by 5 bps to 6.6%; its three year rate by 5 bps to 7.5%; and its five year rate by 10 bps to 8.4%. SBS left its one year mortgage rate at 5.8%.
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