NAB and ANZ lift rates

The National Australia Bank and the ANZ have followed Westpac and the Commonwealth Bank by raising their standard variable home loan rates by 0.25 per cent.

NAB's rate will rise to 6.56 per cent from next Monday and the ANZ's rate will go up to 6.57 per cent from today. The CBA and Westpac raised their rates to 6.57 per cent on Wednesday. St George Bank has not yet announced whether it will lift its home loan rates.

Several non-bank lenders have already increased mortgage rates too: Aussie Home Loans, RAMS Home Loans and RESI Mortgage Corporation have all lifted their rates to 5.75 per cent. RESI's managing director Peter James suggested that people now look at refinancing their home loans, but warned that there may be fees associated with this and to check them out first.

Westpac has also announced that the interest rate on its credit cards will rise by 0.25 per cent, while the other major banks have only said so far that their credit card rates are “under review”.