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Australia's Big Four raise interest rates

Australia’s Big Four raise interest rates

(26 October 2015 - Australia) Both NAB and ANZ announced on Friday that they would be raising interest rates, following the action taken earlier by Westpac and the Commonwealth Bank.

The move means that now all of Australia’s big four banks have announced interest rate increases for investor and owner-occupied home loans.

For ANZ customers, they will be subject to a 0.18 percent interest rate rise that will come in to force on 20 November.

The increase will mean the standard variable rate for owner-occupier home loans will move to 5.56 percent, while the standard variable rate for residential investment loans will move to 5.83 percent.

“This decision reflects the significant additional cost of capital banks are now required to hold against home lending,” ANZ chief executive officer Mark Whelan.

“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,” he said.

Mortgage holders with NAB will see their standard variable interest rate rise by 0.17 percent from 12 November.

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