This article was last updated on April 16, 2022
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ANZ has announced to stay in line with the Reserve Bank and has kept it variable mortgage rate still, whereas it has raised some of the fixed rates up by 20 basis points.
The decision was taken on Friday at the monthly meeting of the bank where it declared that the variable interest rate will not be changed and will remain at 7.36% for mortgage and small businesses in Australia. ANZ is Australia’s third largest bank and has been adjusting the variable interest rate as Reserve Bank made changes in the past few months and has consequently decided to keep the variable rate untouched.
At the same time, the officials announced that they will raise some of the fixed rates up till 20 basis points. This affects their most popular loan amongst households which is the three-year residential fixed package. It has risen to 6.34%. The same bank loan experienced approximately 5% hike in the past few months.
The Chief Executive of ANZ Australia Philip Chronican said, “Our monthly pricing decisions remain difficult. We are walking a tightrope between our customers’ interest in keeping rates as low as possible and the commercial reality that while monthly funding costs go up and down, the upward trend is likely to continue as new funding is still coming on at a wider spread to the cash rate than the funding it is replacing”.
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