ANZ makes another rate hike
Australia’s fourth-largest bank, ANZ, has increased fixed rates for the third time in less than two months for owner-occupiers and investors.
As a result, the bank’s 3-year fixed rate has risen by almost a full per cent in seven weeks.The 1- 2- 3- 4- and 5-year fixed rates have all been hiked between 0.1 and 0.4 per cent for owner-occupiers.
Today’s ANZ hikes for owner-occupiers paying principal & interest
| Old rate | New rate | Change |
| 1-year fixed | 2.29% | 2.39% | +0.10% |
| 2-year fixed | 2.39% | 2.59% | +0.20% |
| 3-year fixed | 2.79% | 2.99% | +0.20% |
| 4-year fixed | 2.99% | 3.39% | +0.40% |
| 5-year-fixed | 3.19% | 3.59% | +0.40% |
Lenders, including the big four banks, have made multiple hikes to the same fixed rates over the past two months.According to RateCity 20 lenders have hiked their fixed rates at least twice, and 15 lenders have hiked their fixed rates three separate times, including CBA, NAB and ANZ (Westpacfour separate times)“The ultra-low fixed-rate party of 2021 is quickly running out of steam,” RateCity.com.auresearch director Sally Tindall said.“Like its big-bank competitors, ANZ has decided to hike fixed rates several times in the last two months to offset rising funding costs.”Tindall said there were likely to be frustrated ANZ customers waiting in the queue who would now be stuck paying a significantly higher rate than the one they initially applied for.“There are 70 fixed rates under 2 per cent, but the list is shrinking by the day,” Tindall said.“People who want to fix but haven’t, shouldn’t give up hope. There are still some good deals out there, however, they’ll probably need to look beyond the big four banks.”
