National and ANZ raise home loan interest rates
Monday January 7, 2008
The National Australia Bank and Australia & New Zealand Banking Group Ltd. have raised the interest rates on mortgages.
This is the first time in more than 10 years that one of the Australia's big banks have raised the interest rate on home loans ahead of any official interest rate announcement by the Reserve Bank of Australia which is tipped to lift official interest rates next month to 7%.
The major banks are pushing the company line that the rates rise is to help offset the higher funding costs since the sub-prime mortgage disaster in the U.S.
The National Australia bank raised its variable home loan interest rate by 12 basis points to 8.69 percent.
The ANZ left its variable rate the same but did lift the charges on some loans to 8.44 percent and 8.54 percent.
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