ANZ announced late last week that from 20 November, the standard variable rate for owner-occupier home loans will increase by 0.18% to 5.56%, while the standard variable rate for residential investment loans will also increase by 0.18% to 5.83%.
ANZ chief executive officer Mark Whelan echoed the other majors, saying changed capital requirements were the reason for the increase.
“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.
According to ANZ, the 0.18% increase will add $36 per month to the average home loan of $242,000.
