All the Banks raising rates

National Australia Bank confirmed it is raising interest rates on five year fixed rate mortagage by 0.5 per cent to 7.19 per cent. St George and BankSA have increased their five year rates to 7.14 per cent. Westpac has also announced it is raising rates.

All banks are believed to be preparing to raise rates on variable rate mortgages, irrespective of what the Reserve Bank does with official interest rates. Increased costs are bearing most heavily on deposit product price leaders ANZ, Members Equity and Suncorp.

ANZ is belived to be resisting raising rates as long as possible as its rates are already the highest in the mortgage markeplace.

Source: Herald Sun