Three of the big four banks have “increased select new customer variable rates in the past four weeks in addition to each bank’s standard RBA hike”, RateCity says.
ANZ Bank, Commonwealth Bank and National Australia Bank have raised interest rates for some new customers taking out no-frills home loans in the past month, in a potential sign of higher funding costs affecting mortgage pricing.
Last weekend, CBA raised rates by 0.05 to 0.1 percentage points for some new customers taking out new Extra home loans, saying the changes were “part of our ongoing review of our interest rates and market conditions”. ‘The aggressive discounts we’ve seen in recent months to attract new business is becoming increasingly difficult for the banks to sustain.’These rate rises do not affect existing borrowers, and they apply only to certain groups of customers taking out specific products. Even so, RateCity said the changes meant three of the four big banks had “increased select new customer variable rates in the past four weeks in addition to each bank’s standard RBA hike”.
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