ANZ first to raise rates, but there’s still hope.

Mates Rates Mortgage Brokers — Thu, 08 Oct 2009 06:15:00 +0000

Just two days after the Reserve Bank of Australia raised its official cash rate by 0.25% p.a. two of the big four have announced they will follow suit.

ANZ and National Australia Bank confirmed they would increase variable home loan rates by 25 basis points – matching the RBA’s 25 basis point rate increas. It is expected Commonwealth Bank and Westpac will quickly follow the trend. Althought no announcement has been made, both have said their rates remain under review.

In a statement, NAB advised that its increase to variable home loan rates will also be effective from 12th October.

ANZ has announced in a separate statement that it will increase variable mortgage rates by 25 basis points for new and existing customers from 12th October as well as making changes for Fixed Rate home loans for new borrowers.

Although the ANZ has increased it’s shorter terms by the 0.25% hike, longer terms have received smaller increases, with ANZ cutting its 10-year term rate by 25 basis points to 8.94%.

ANZ’s changes to the 10 year rate offers borrowers an insight as to what it’s experts are predicting.

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ANZ first to raise rates, but there’s still hope.