Commonwealth Bank, Westpac and ANZ all raise variable rates

Posted on October 8, 2009, 6:26 am, by admin, under Mortgage News.

Following on from the RBA .25% rate rise on Tuesday the CBA has announced it will increase its variable rate loans by .25%. Its interesting that this time around the banks have not been as quick to follow the RBA, in the past these changes have followed within hours of the RBA acting.

The ANZ will increase the standard variable mortgage rate for new and existing customers by the full 25 basis points from October 12, bringing the rate to 6.06 per cent.

NAB’s rate will rise by the same amount to 5.99 per cent. Westpac’s rate will increase a quarter of a percentage to 6.06 per cent from Monday.

Note that there are the standard variable rates, increasingly banks will offer better deals than the Standard Variable rate to attract customers with good incomes, assets and credit ratings.

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