- November 11, 2010
- Posted by: admin
- Category: Finance News, Home loan product, Interest rate
ANZ has become the second bank in as many weeks to move out of cycle with the RBA.
Yesterday the major lifted its standard variable mortgage rate and business lending rates by 0.39 per cent – well above the RBA’s 25 basis point cash rate hike, but just shy of CBA’s 0.45 per cent rate increase.
The bank’s variable interest rate has now risen to 7.8 per cent.
The Australian banks know they have the market share which is shown in their arrogance towards its customers.
The scrapping of exit fees is worth very little to the consumers as the bank will make much more from the additional interest charges.
With ANZ now making the decision to move on rates, the industry now waits with baited breath to see what both NAB and Westpac will do.
There are plenty of indications to suggest NAB will be the next to move.
My guess is both the NAB and Westpac will increase their rates so the big four have the a very similar variable rate