ANZ hits borrowers again

by Adam Smith16 Apr 2012

Out-of-cycle hikes are becoming the norm as ANZ has again hit homeowners with a rate increase.
 
ANZ announced Friday it would lift rates on its home and business loan customers by 6bps, taking its standard variable rate to 7.42%. ANZ Australia chief executive Phil Chronican tried to highlight the benefit to depositors in breaking the news.
 
“The funding environment changed quite dramatically in late 2011 as a result of the economic and financial crisis in Europe. This has seen wholesale funding costs rise and competition increase dramatically among banks for deposits. We accept our response to the new funding environment is difficult for some of our customers - even though deposit customers have benefited from better rates," he said.
 
Chronican said the bank had left rates untouched last month because it wanted to ensure higher funding costs were sustained before passing them on to borrowers. 

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COMMENTS

  • by Peter 16/04/2012 12:20:51 PM

    Greed, Greed & more Greed maybe 1 day our Government watch dogs will really get involved to review the so called cost of funds that some banks are using to lift rates?

  • by JERRY gIBB 16/04/2012 3:02:02 PM

    Nothing will change until someone says enough is enough and that must be the government. A strong Banking system is acknowledged is need in Australia but this is now money grabbing profit opportunity by this organisation.