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ANZ and NAB hike rates

by Staff Reporter7 minute read
The Adviser

ANZ and NAB both announced ten basis point increases to their standard variable mortgage rates over the long weekend.

The new rates will take effect from today and will bring NAB’s standard variable to 9.46 per cent and ANZ’s to 9.47 per cent.

Both banks attributed sustained increases in funding costs to the decision to lift rates.

Treasurer Wayne Swan labelled NAB’s announcement of the changes on ANZAC day as a “lousy thing to do”, according to AAP.

"When banks raise their rates outside the RBA's cash cycle they ought to go out there and front up and explain it to the Australian people," he said.

Published: 28-04-08

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