ANZ says it will increase the interest rates on a number of its home loan, savings, business and term investment products, after the Reserve Bank raised the official cash rate to 4.25% last week.
ANZ managing director for personal banking Ben Kelleher said when reviewing interest rates the bank considered a range of factors, including the impact on customers, the official cash rate and changes in wholesale interest rates.
“We understand the cost of living and rising interest rates are having an impact and we’re contacting our home loan customers to ensure they are aware of the options they have to manage repayments in a rising interest rate environment,” he said.
“We’re taking a balanced approach in how we support customers by also increasing rates on our term deposit and savings products, which will help support customers with long-term savings goals.”
He said the changed forecast for the official cash rate, with an expectation it may now need to peak higher to have an impact on inflation, had changed wholesale rates, which affected home loans.
The ANZ floating and flexible home loan interest rates and “blueprint to build”, the discounted floating rate for people building their own home, will increase by 65 basis points.
Fixed rates will increase by 55bps, except for four- and five-year terms, which increase by 35bps.
The serious saver rate will increase by 75bps and the 12-month term deposit by 60bps.
ANZ is the first of the major banks to move after the Reserve Bank’s announcement. Much of the 75bps increase in the OCR had already been priced in to home loan rates.
— to news.google.com