NAB and ANZ announce interest rate rises

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All of Australia’s big four banks have now announced interest rate increases for investor and owner-occupied home loans.

Both NAB and ANZ announced on Friday that they would be raising interest rates, following the action taken earlier by Westpac and the Commonwealth Bank.

For ANZ customers, they will be subject to a 0.18% interest rate rise that will come in to force on 20 November.

The increase will mean the standard variable rate for owner-occupier home loans will move to 5.56%, while the standard variable rate for residential investment loans will move to 5.83%.

ANZ chief executive officer Mark Whelan said the bank’s decision was a result of the changing capital requirements the major lenders have been forced to adhere to.

“This decision reflects the significant additional cost of capital banks are now required to hold against home lending,” Whelan said.

“Despite these additional costs, we are committed to working hard to keep lending rates as low as possible for customers and we’re pleased to have been able to maintain the lowest standard rate of the major banks for owner occupiers,” he said.

For those who have a mortgage with NAB, the standard variable interest rate will rise by 0.17% from 12 November.

This will see the bank’s standard variable interest rate move to 5.6%.

NAB group executive for personal banking Gavin Slater also said the bank’s action had come in response to the tougher capital requirements.

“Regulatory changes on capital requirements also increase the costs associated with providing home loans. In May this year, NAB took early steps to strengthen our capital position by raising $5.5 billion to begin to address expected changes in capital requirements,” Slater said.

“We appreciate that price is important, but we also know that customers want us to provide the right help and advice, the right products, and deliver innovative digital capability,” he said. 
 

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