More banks raise rates

Several financial institutions follow NAB's lead

More banks raise rates


By Mina Martin

Westpac, ANZ, AMP, and Macquarie Bank have announced that they will pass on the Reserve Bank’s latest cash rate hike to mortgage customers.

Variable interest rates across ANZ’s Australian home loans will rise by 0.25% p.a., effective May 12.

“We have a number of tools available to help our customers understand these changes and manage their home loans, but if you are facing difficulty, contact our experienced teams as early as you can to discuss additional personalised support,” said Maile Carnegie (pictured above left), ANZ Group executive Australia retail.

At Westpac, home loan variable interest rates will lift by 0.25% p.a. for new and existing customers, from May 16, after the bank considered a range of factors, including cash rate, returns, and market environment.

“We know customers are looking carefully at their budgets as interest rates rise,” said Chris de Bruin (pictured above right), Westpac chief executive of consumer and business banking. “While many are adjusting to making higher repayments, we understand others may need extra help. To assist we’re reaching out to some customers we believe may need additional support, we also encourage any customer doing it tough to give us a call.”

AMP Bank said the 0.5% per annum increase for variable interest rates will apply starting May 5 for new customers and May 8 for existing customers.

In a statement, AMP Bank said it is “committed to providing competitive rates for home loan customers” and “continues to regularly review its products to ensure they remain competitive and meet customer needs.”

Macquarie said the 0.25% p.a. lift in its variable home loan reference rates will take effect from May 19.

The rate changes followed a similar move from NAB, which will implement the rate changes from May 12.

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