The big four bank has today announced that its variable mortgage rates for property investors will rise in response to changing market conditions.
ANZ today revealed that its variable Residential Investment Property Loan Index Rate would increase by 8 basis points to 5.60 per cent in response to “rising funding costs and changing market conditions”.
There is no change to ANZ’s standard variable rate for owner occupier home loans. Fixed rates remain unchanged for both investors and owner occupiers.
“Despite residential investor rates remaining at historic low levels, this was a difficult decision that took into account increases in our funding costs and our regulatory obligation to manage a balanced portfolio,” ANZ group executive Australia Fred Ohlsson said.
“There are no changes to our variable rates for owner occupier home loans. Customers concerned about the long-term direction of interest rates are able to take advantage of our competitive fixed rates that remain unchanged for both investors and owner occupiers,” Mr Ohlsson said.
ANZ will also increase its Equity Manager Account rate by 15 basis points to 5.82 per cent.
All changes are effective December 16.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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