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Archive for October 8th, 2009

The ANZ has become the first major bank to lift its mortgage interest rates, announcing this morning it will lift rates by a quarter percentage point.anz

Following the Reserve Bank’s decision on Tuesday to lift the official cash rate, all the big four had held fire on following suit – until today.

The ANZ tried to dampen the pain of the move, saying it would also increase interest rates on some of its deposit products by a half percentage point.

The increase on ANZ mortgages, which will take the standard variable rate to 6.06 per cent, will kick in from next Monday.

As well, fixed rate mortgages at ANZ will go up by a quarter percentage point – to 5.7 per cent for a one year fixed rate mortgage and 6.69 per cent for a two year mortgage.

Longer term mortgages will go up less, while the 10 year term rate will be cut by a quarter percentage point.

Treasurer Wayne Swan had warned all banks against lifting their mortgage rates by more than the Reserve Bank’s increase in the official cash rate.

Source  :  www.thewest.com.au

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