ANZ says mortgage borrowers won’t switch

ANZ raised standard variable mortgage rates on Friday by 0.06 per cent despite the RBA keeping official rates steady on Tuesday.

ANZ Australian chief executive Philip Chronican said all the major banks “are facing the same pressures” and similar moves were likely.

Mr Chronican said there was “not a strong incentive” for customers to shift their mortgages to rival lenders. This had been demonstrated by ANZ overtaking NAB in home lending growth in November and December, despite NAB having the lowest variable mortgage rate among the big four lenders for the past 32 months.

Source: The Australian