ANZ raises home loan rates

ANZ raises home loan rates
Just two days after the Reserve Bank announced an increase in interest rates to 3.25 percent, ANZ bank announced it  would raise its standard variable home loan rate by 25 basis points (0.25 percent) .
It is the first of the major banks to make the move, with the other major banks expected to follow suit.
Effective from October 12, the ANZ’s standard variable rate will now be 6.06 per cent per annum, equivalent to a 6.16 per cent comparison rate.
The bank pointed out in a statement that selected savings rates will rise by 0.5 percentage points, and that its deposit rates have generally increased during the period when the official cash rate was stable.

Just two days after the Reserve Bank announced an increase in interest rates to 3.25 percent, ANZ bank announced it would raise its standard variable home loan rate by 25 basis points (0.25 percent).

It is the first of the major banks to make the move, with the other major banks expected to follow suit.

Effective from October 12, the ANZ’s standard variable rate will now be 6.06 percent per annum, equivalent to a 6.16 percent comparison rate.

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