Three of the big four banks raise home loan mortgage interest rates

Three of Australia’s “big four” banks have announced changes to home loan mortgage lending, credit card, business loans and deposit rates after Wednesday’s increase in official rates.

ANZ is the latest to move, putting up its standard variable home loan interest rate to 8.32 per cent.

The bank says it recognises the increase in official rates will be difficult for some customers.

Earlier today, Westpac announced it was passing on the full increase in official interest as set by the Reserve Bank of Australia, to its lending interest rates, while increasing some of its deposit rates by 0.3 per cent.

National Australia Bank announced changes to its rates late yesterday.

Source: ABC

About: Rick Adlam: Rick Adlam has been helping clients with home loan finance since 1985 when he was home consultant with AV Jennings. Rick started Equity Home Loans in 1996 to help homeowners become property investors. Rick currently consults in the development of Mr Mortgage for mortgage brokers and HomeMate for new home buyers. Website: http://www.mrmortgage.com.au