Westpac took only a few hours to announce a repricing across its full range of variable home loan rates on Tuesday after the Reserve Bank’s official rate hike. The country’s second largest bank will increase the cost of all variable rate mortgages by 0.25 per cent from 20 June. The Westpac repricings will apply to all new and existing home borrowers on variable rates. The bank currently markets a standard variable home loan with an offset account that is priced at 6.94 per cent for owner occupiers paying principal and interest. The advertised rate on this product will rise to 7.19 per cent on 20 June. Westpac also markets a basic variable mortgage without an offset account that is priced at 5.59 per cent for two years. The rate on this product will increase to 5.84 per cent from 20 June for owner occupiers paying principal and interest. Investment borrowers exposed to this product are currently paying 5.89 per cent if they are making principal and interest repayments and 6.39 per cent on interest-only terms. The respective rates will rise to 6.14 per cent for investors making P&I repayments and 6.64 per cent for interest-only borrowers. Westpac also announced that it will boost the annual rate on fixed deposits for terms between 12 and 23 months to 4.5 per cent, but has made the offer conditional on interest being paid into a Westpac-branded transaction account.