ANZ and NAB lead the pack in rate rise
(8 October 2009 – Australia)Two days after the RBA lifted the cash rate NAB and ANZ both released their interest rate decisions on a range of their mortgage and deposit products.
The announcement comes following the Reserve Bank of Australia’s decision earlier in the week to increase interest rates by 25 basis points to 3.25 percent.
Both banks increased their headlining standard variable rates by 0.25 percent, ANZ’s Standard Variable Home Loan will now be 6.06 percent, while the NAB Tailored Home Loan will sit at 5.99 percent.
ANZ increased its fixed rate mortgages for new customers by 0.25 percent for one and two year terms to 5.70 percent and 6.69 percent respectively, while the bank’s three and four year fixed term will increase by a lesser margin.
The ten year fixed term rate, however, will actually be reduced by 0.25 percent to 8.94 percent.
On the deposit front ANZ has chosen to increase rates by more than the cash rate increase, selected products will rise by up to 0.50 percent, while Nab’s deposit accounts will increase by 0.25 percent.
NAB will also be increasing a range of variable business lending and business deposit rates by 0.25 percent, Anz’s business rates are still under review.
There has been no mention of credit cards at this stage.
Both banks increased their headlining standard variable rates by 0.25 percent, ANZ’s Standard Variable Home Loan will now be 6.06 percent, while the NAB Tailored Home Loan will sit at 5.99 percent.
ANZ increased its fixed rate mortgages for new customers by 0.25 percent for one and two year terms to 5.70 percent and 6.69 percent respectively, while the bank’s three and four year fixed term will increase by a lesser margin.
The ten year fixed term rate, however, will actually be reduced by 0.25 percent to 8.94 percent.
On the deposit front ANZ has chosen to increase rates by more than the cash rate increase, selected products will rise by up to 0.50 percent, while Nab’s deposit accounts will increase by 0.25 percent.
NAB will also be increasing a range of variable business lending and business deposit rates by 0.25 percent, Anz’s business rates are still under review.
There has been no mention of credit cards at this stage.
Subscribe