- ANZ (ANZ) follows NAB’s (NAB) footsteps, boosting its home loan interest rates by 25 basis points (bps), in line with RBA’s latest hike
- ANZ’s increases will become effective on May 12, increasing its variable interest rates for home, residential investment and line of credit home loans
- This means on a variable home loan of $450,000, for example, the 25 bps change will increase monthly repayments by $68
- The major bank will also increase the rate available to customers using the ANZ Plus Save account by 25 bps to 4.5 per cent, effective May 11
- With all four of Australia’s banks trading red on Thursday, ANZ is down more than 2 per cent and trading at $23.49 at 3:31 pm AEST
ANZ (ANZ) has become the second of the four major banks to pass on the RBA’s latest rates hike, boosting its mortgage rates by 25 basis points (bps).
It follows Thursday’s news that NAB (NAB) would also be lifting its rates, upping its standard variable home loan interest rates by 0.25 per cent per annum.
Now ANZ has followed suit, announcing rate increases effective May 12.
ANZ reported it will increase variable interest rates for home, residential investment and line of credit home loans following the RBA’s latest meeting.
Additionally, the major bank confirmed that it would increase the rate available to customers using the ANZ Plus Save account for balances less than $250,000 by the same amount to 4.5 per cent, effective May 11.
ANZ Group Executive of Australia Retail Maile Carnegie said there were resources available to understand what the adjusted rates meant for one’s loans.
“We have a number of tools available to help our customers understand these changes and manage their home loans, but if you are facing difficulty, contact our experienced teams as early as you can to discuss additional personalised support,” she said.
For example, the 25 bps change to variable home loan interest rates would increase monthly repayments by $68 on a variable home loan of $450,000.
With all four of Australia’s banks trading red on Thursday, ANZ was down more than 2 per cent and trading at $23.49 at 3:31 pm AEST