ING opts to move above RBA
(13 April 2010 – Australia) ING DIRECT has said that increased funding costs and the decision by the Reserve Bank to increase the cash rate are the reasons the lender raised its variable mortgage interest rate 0.3 percent this week.
The new rates will impact ING DIRECT customers from Tuesday; however Australia’s fifth largest lender believes its most popular product, the Mortgage Simplifier, will remain competitive at 6.49 percent.
The lender said it will continue to consider the impact on its home loan customers when managing difficult funding conditions.
All of Australia’s top four banks were quick to pass on the 0.25 percent increase with Westpac retaining the top spot at 7.26 percent.
ANZ was close behind, increasing their standard variable home loan rate to 7.16 percent and CBA settled on a new rate of 7.11 percent.
NAB remained in the lowest spot of the big four announcing a 0.25 percent increase to 6.99 percent.
The lender said it will continue to consider the impact on its home loan customers when managing difficult funding conditions.
All of Australia’s top four banks were quick to pass on the 0.25 percent increase with Westpac retaining the top spot at 7.26 percent.
ANZ was close behind, increasing their standard variable home loan rate to 7.16 percent and CBA settled on a new rate of 7.11 percent.
NAB remained in the lowest spot of the big four announcing a 0.25 percent increase to 6.99 percent.
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