ANZ to increase rates by 39 points

Wednesday 10 November 2010

Article by Mozo

Australian property investors could be encouraged to compare home loans after one lender announced its rate increase.

ANZ announces rate increase

ANZ has confirmed that it is to hike its interest rates by 39 points, news.com.au reported.

The news follows a similar announcement from the Commonwealth Bank, which recently increased its rate by 45 points.

It follows the Reserve Banks' 25-point increase last week, which saw the official cash rate rise to 4.75 per cent.

According to ANZ, its higher rate was a result of the sustained rise in the cost of its funds over the last few months.

However, the bank has announced that it is offering a $1,000 incentive to customers who switch to its product from other banks.

People looking to compare home loans and then switch could be encouraged to wait a while longer as Westpac and NAB, the country's other large banks, have yet to announce their own rises.

Westpac currently offers a rate of 7.51 per cent, while NAB offers a 7.24 per cent rate.

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