ANZ and Commonwealth Bank Follow NAB and Westpac

Both ANZ Bank and Commonwealth Bank have followed NAB and Westpac to increase their variable rate loans. They cite regulatory pressure and funding costs to be the main reason for these interest rate increases

ANZ have made the following changes effective 31st March 2017;

1. Owner occupies who pay principle and interest on their home loans – no change
2. Standard Variable investment loans and Equity Manager loans increase by 0.25%
3. Interest only loans for Standard Variable and Simplicity Plus  loans for owner occupied loans and investors increase by 0.20%
4. Business loans increase by 0.08%

Commonwealth Bank have made the following changes to variable rate loans effective 8th May 2017:

1. Owner Occupied home loans that pay Principal and Interest (P&I)  for Variable Rate Home Loans will increase by 0.03%  
2. Investment home loans that pay Principal and Interest (P&I)  for Variable Rate Home Loans will increase by 0.24% 
3. Interest Only interest rates for all Variable Rate Owner Occupied home loans by 0.25% and Investment Home Loans by 0.26%
4. Viridian Line of Credit (VLOC) interest rates will increase by 0.26%  for both investment and personal purposes.

We expect other second tear banks and smaller lenders to follow and we will keep you up to date with any changes.

If you have any questions about this announcement please feel free to contact us.

To view and compare current home loan and investment loans click the link below.

If you are looking for a commercial loan or looking for a better deal please visit our commercial loans website.