ANZ will increase its variable home loan interest rates by 16 basis points, across both owner-occupier and investor mortgages, while CBA's rates will rise by 15 basis points.
This is why we need more competition in the Australian banking industry. One raises 0.14, then 0.15, then 0.16........next week it will be 0.17 Yes while they may not actually be meeting in a dark alley to collude....its still BS collusion the way they work together. It doesn't really matter for me personally as we've locked in all but one small variable loan on 5 year fixed rates. But next time I work with a broker im going to insist that the loan goes to one of the smaller banks eg NOT a big 4 bank.
But didn’t the smaller banks already hike their rates earlier this year, in fact Suncorp already hiked twice? Hmm.