ANZ raises interest rate

This article was last updated on April 16, 2022

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The fourth largest bank of Australia, ANZ raises interest rate for the variable customer, home, and small business loans on Friday irrespective of the constant cash rate by the central bank.

ANZ made an announcement on Friday declaring that the bank is raising the variable interest rate loans offered to households and small businesses as the borrowers will now have to pay an additional 6% as the interest rate. The announcement by the bank has taken everyone by much surprise as the Reserve Bank of Australia has declared to not change the cash rate and leave it at 4.25% for the next quarter as well.

The announcement made by the bank further said that the increase in the interest rate is due to the increase in the cost of charges the bank has to pay regarding the loans it has taken out. The interest rate hike has taken the variable interest rate on mortgage loans by ANZ to 7.42%, which leads to all variable interest rate customers to pay an additional amount of $3.25 on a loan of $130,000 per week. The small business loans on the other hand experience an even higher hike as they have to pay $4.75 per week on a loan of $130,000. The increased interest rates apply to the mentioned loans from the 20^th of April, 2012.

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