Rate rises: ANZ first to move on rates

ANZ is the first of the big four to pass the Reserve Bank of Australia’s (RBA) 25 basis point rate rise on to its customers.

Some of the bank’s selected deposit products will rise by up to 0.50 per cent p.a., including its ANZ Progress Saver up 0.50 per cent p.a. and V2 PLUS up 0.50 per cent p.a.

Interest rates for ANZ’s variable rate mortgage products will also increase by 0.25 per cent p.a. for one and two year terms to 5.70 per cent p.a. and 6.69 per cent p.a. respectively. The ten year term will be reduced 0.25 per cent p.a. to 8.94 per cent.

The rate changes will come into effect from Monday 12 October.

Commonwealth Bank and NAB have yet to announce their rate rise intentions. Both banks currently have the lowest standard variable mortgage rates at 5.74 per cent.

CBA is believed to be holding off from being the price leader after extensive criticism of the 0.1 percentage point increase it imposed on its main rate four months ago.

If you have a home loan and you are looking at refinancing, speak to the mortgage brokers at Intellichoice and we will help to find a loan that suits your needs.