Powered by MOMENTUM MEDIA
the adviser logo
Lender

Major bank announces variable rate changes

by James Mitchell2 minute read

A major bank has just announced changes to its variable home loan rates. 

ANZ today announced that it would lift rates for all Australian variable home and residential investment loans to partially offset rising regulatory capital requirements.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

The standard variable rate for owner-occupier home loans (Home Loan Index) will increase by 0.18 per cenr to 5.56 per cent – still the lowest Standard Variable Rate of the major Australian banks.

ANZ's residential investment property loan index will increase by 0.18 per cent to 5.83 per cent

The changes will be effective 20 November.

ANZ CEO Australia Mark Whelan said the decision reflects the significant additional cost of capital banks are now required to hold against home lending.

“Despite these additional costs, we are committed to working hard to keep lending rates as low as possible for customers and we’re pleased to have been able to maintain the lowest standard rate of the major banks for owner occupiers,” Mr Whelan said.

The 18 basis point increase will add $36 per month to the average home loan of $242,000.

Major bank announces variable rate changes
default
TheAdviser logo
default

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

daniel tuttlebee resimac asset fInance ta l27zun

Resimac takes controlling stake in Sonder

Resimac Asset Finance has expanded its acquisition stake in equipment finance business Sonder Equipment Finance...

READ MORE
asic ta 2

ASIC seeks ‘common-sense solutions’ to breach reporting

The Australian Securities & Investments Commission (ASIC) has committed to “improving” the operation of the...

READ MORE
andrew mills homestart ta htfetw

HomeStart drops graduate loan deposit to 2%

HomeStart Finance, a non-bank lender backed by the South Australian state government, has lowered the deposit hurdle...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more