Three of the big four banks have now raised rates on standard variable rate home loans for owner-occupiers.
The Commonwealth Bank, Westpac and NAB, citing rising cost of funds, all announced small increases rates for their owner-occupier home loans.
The ANZ broke ranks to kept its standard variable rate for owner-occupiers steady, only increasing the rate for interest only loans.
The Commonwealth was today the last to announce that its standard variable rate for owner-occupier home loan customers repaying principal and interest will increase 3 basis points to 5.25%.
This is the equal lowest rate, along with the ANZ, among the big four.
Here are the new rates for variable rate owner occupier home loans:
Rates for investor loans have also increased.
The Commonwealth’s standard variable rate for principal and interest investment home loans will increase by 24 basis points to 5.80%. Interest only investment home loans will rise by 26 basis points to 5.94%.
The ANZ increased the variable interest rate paid by property investors by 0.25% of a percentage point to 5.85% from 5.60%. Interest only investor variable rate home loans will rise by 0.11% to 5.96% from 5.85%.
Westpac’s variable residential investment property loan rate will increase by 0.23 of a percentage point to 5.79%. The interest only rate will rise by 0.28 of a percentage point to 5.96%.
NAB’s variable rate for residential investment loans will rise by 0.25 percentage points to 5.80%.
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