Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

Fourth major bank hikes rates

All four of the major banks have now announced they will increase variable interest rates.

ANZ today announced that it would lift rates for all Australian variable home and residential investment loans to partially offset rising regulatory capital requirements.

The standard variable rate for owner-occupier home loans (Home Loan Index) will increase by 0.18 per cenr to 5.56 per cent – still the lowest Standard Variable Rate of the major Australian banks.

Advertisement
Advertisement

ANZ's residential investment property loan index will increase by 0.18 per cent to 5.83 per cent.

The changes will be effective 20 November.

ANZ CEO Australia Mark Whelan said the decision reflects the significant additional cost of capital banks are now required to hold against home lending.

“Despite these additional costs, we are committed to working hard to keep lending rates as low as possible for customers and we’re pleased to have been able to maintain the lowest standard rate of the major banks for owner occupiers,” Mr Whelan said.

The 18-basis-point increase will add $36 per month to the average home loan of $242,000.

Fourth major bank hikes rates
mortgagebusiness

Latest News

A major insurance provider has announced that it would restrict its offering of lender’s mortgage insurance in light of emerging risks ass...

Lenders will be allowed to extend their pre-approval period for borrowers using the First Home Loan Deposit Scheme given the coronavirus pan...

The federal government has announced several changes to the Takeovers Panel, which include the reappointment of an ANZ executive and the ap...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.