Banks begin to move mortgage rates

ANZ, Commonwealth and National banks increased their standard variable home loan rate 7.32 per cent from 7.07 per cent, in line with the rise in official interest rates set by the Reserve Bank. Macquarie Bank, ING, and a multitude of mortgage managers also announced increases in home loan rates of 0.25 percentage points. Commonwealth and ANZ both said a majority of home loan customers were already paying more than the minimum required repayments. ANZ and Bank of Queensland increased interest rates on some term deposits by more than 0.4 percentage points.

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