ANZ first to raise rates

by BN08 Oct 2009

ANZ bank is the first to announce it will raise rates following the RBA's decision to increase the official cash rate by .25%.

The bank will increase its variable rate mortgage products by 0.25% for new and existing customers effective 12 October. The new rate on the standard variable rate home loan will be 6.06%.

For new customers fixed rate mortgages will also increase by 0.25% for one and two year terms to 5.70% and 6.69% respectively; by .1% to 7.09% for three year terms and by .2% to 7.69% for four year terms. The 10-year term rate will be reduced by .25% to 8.94%.

ANZ is also increasing selected deposit products by up to .50%, effective from the same date.

The lender is reviewing interest rates for credit cards and small business.