ANZ and CBA have today followed Westpac’s 14 basis point lead, raising their mortgage rates by 16 and 15 basis points respectively. The banks each cited elevated wholesale funding rates as the reason, with what was initially considered a temporary dislocation now expected to persist.
Following the rate rises the standard variable rate for an owner-occupier principal and interest loan at ANZ is 5.36 per cent, at Commonwealth Bank is 5.37 per cent and at Westpac is 5.38 per cent. The standard variable home loan rate at NAB is 5.24 per cent.
It is unlikely NAB will wait long to announce their own change.
The ANZ announcement can be found here.
The CBA announcement can be found here.