AMP lifts rates by 0.33 per cent

AMP Bank has surpassed CBA by dropping the biggest rate increase on borrowers since the February RBA rate rise, lifting its variable home loan rate by 33 basis points to 9.02 per cent.

The decision was as a result of the “impact of global credit market volatility on wholesale funding costs,” in conjunction with the RBA’s rise in official rates, according to a  statement issed by the bank.

St George Bank and Westpac have opted to pass the RBA’s 0.25 per cent rise on to borrowers while ANZ and NAB expected to make announcements in the near future.