After RBA gave its decision and the Commonwealth Bank became high and dry season, Westpac is still standing undecided whether to change the key lending rates or not.

CEO of the second largest bank in Australia, Gail Kelly said that they have not yet taken any decision about the rates and that it would be some time before they do that.

Westpac, National Australian Bank and ANZ are the three major banks and are yet to announce their rate hike. What is surprising and even affecting the customers is that Commonwealth Bank in a surprise move has suddenly raised the variable rates by almost double.

The real increase was by that of 25 basis points. This move has been criticized by the government as the consumer groups and the opposition has raised their rates by 45 basis points to make it at 7.81 per cent. Earlier it was at
7.36 per cent.

Westpac commands 24 per cent of the domestic mortgage market in Australia and last year saw a cash earnings of $5.9 billion last year.

The bank is worried about its position in the market.