ANZ also increased most of its special fixed rates, for customers with 20 per cent equity and salary direct credited to an ANZ transaction account
The Australia and New Zealand Banking Group Limited (ANZ) has increased most of its fixed mortgage rates ahead of the Reserve Bank’s next decision on its benchmark rate.
ANZ left its six-month standard rate at 3.99 per cent, but raised its one-year rate on Tuesday to 3.29 per cent, up 14 percentage points.
The bank increased its 18-month standard rate to 3.4 per cent from 3.34 per cent, its two-year rate to 3.65 per cent from 3.55 per cent, its three-year rate to 3.85 per cent from 3.75 per cent, and its four-year rate to 4.29 per cent from 3.99 per cent.
The five-year standard rate is now 4.59 per cent, up from 4.39 per cent.
ANZ also increased most of its special fixed rates, for customers with 20 per cent equity and salary direct credited to an ANZ transaction account.
The six-month special rate remained at 3.39 per cent, while the one-year rate was increased to 2.69 per cent from 2.55 per cent, the 18-month rate rose to 2.89 per cent from 2.74 per cent, the two-year special fixed rate rose to 3.05 per cent from 2.95 per cent, and the three-year rate rose to 3.25 per cent from 3.15 per cent.
ANZ personal banking director Ben Kelleher said the bank was constantly reviewing its mortgage lending and deposit rates in line with market conditions.
We’re making changes to our fixed lending rates and term deposits rates effective today due to a range of factors and in particular recent increases in wholesale interest rates, he said.
It’s great to see term deposit rates beginning to lift for our savers, and we continue to encourage borrowers to continue to pay down their debt as fast as possible given rates are still historically very low, Kelleher said.
The Reserve Bank releases its next monetary statement on Wednesday, expected to be a 25-basis-point rise in the official cash rate (OCR) to 0.5 per cent, although there is some expectation of a 50-point rise.
The OCR has been sitting at 0.25 per cent for 17 months.