ANZ BANK has raised interest rates for its variable home loan clients and small business borrowers regardless of the central bank leaving the cash rate on hold. ANZ Bank declared that it was raising variable rate mortgages and small business loans by 0.06%. Here is the official Portal link:
Increase in rates happened in-spite of the Reserve Bank of Australia choosing to leave the cash rate on hold at 4.25% and ANZ Bank has to lift the rates as a consequence of the rising wholesale funding and deposit costs.
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