ANZ borrowers paying $3.25 more per week

ANZ on Friday increased its variable rate by 0.06 per cent to 7.42 per cent.

The hike will add $3.25 a week to the cost of an average home loan of $280,000, making ANZ rates the second-most expensive behind Westpac. The other three big banks have not yet raised rates to match ANZ.

“If anyone is going to raise rates it is more likely to be the smaller regional banks or the National Bank because its rates are still the lowest of the four majors,” AMP Capital head of investment strategy Shane Oliver said.

“But they could decide to wait until the Reserve lowers its rate and then lower their own rates but by less, which means they are still ahead.”

Source: Herald Sun