Regional bank moves in line
(5 November 2009 – Australia) Bendigo and Adelaide Bank have raised their residential interest rates by 0.25 percent to 6.40 percent, following the Australian Big Four.
The Reserve Bank of Australia announced on Tuesday that it would be raising the official cash rate by a further 25 basis points, the move was the second since rates finished increasing in March 2008.
The Big Four all followed quickly with announcements that they would be lifting the rates on their standard variable home loans by 0.25 percent in line with the RBA’s movement.
ANZ announced that it would be increasing rates on a range of deposit products by 0.35 percent and Westpac will be increasing its savings accounts by 0.25 percent.
Westpac has also announced that it will not be increasing its variable business rates.
Glenn Stevens, governor, RBA said that the global economy has resumed growth. With economic policy settings likely to remain expansionary for some time, the recovery is likely to continue during 2010 and forecasts have been revised higher.
The Big Four all followed quickly with announcements that they would be lifting the rates on their standard variable home loans by 0.25 percent in line with the RBA’s movement.
ANZ announced that it would be increasing rates on a range of deposit products by 0.35 percent and Westpac will be increasing its savings accounts by 0.25 percent.
Westpac has also announced that it will not be increasing its variable business rates.
Glenn Stevens, governor, RBA said that the global economy has resumed growth. With economic policy settings likely to remain expansionary for some time, the recovery is likely to continue during 2010 and forecasts have been revised higher.
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