ANZ raises rates by 0.39%

ANZ Bank moved yesterday to raise its’ standard variable mortgage interest rate by 0.39 per cent to 7.8 per cent. The ANZ is the second big bank to react to the Reserve bank’s rate rise last week of 0.25 per cent. The CBA raised rates last Tuesday by 0.45 per cent.

ANZ’s rate rise will add about $85 per month to a typical $300,000 mortgage. ANZ Australia CEO Phil Chronican said very few ANZ customers would be forced to the wall by the rate rise. Chronican said customers had to share the pain of increased bank funding costs.

Source: Herald Sun

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