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Article: AUSTRALIA'S BIG FOUR BANKS MATCH RBA'S RATE HIKE ON HOME LOANS.
- Article from:
- AsiaPulse News
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Nov 3 Asia Pulse - Australia's big four banks, which control about 85 per cent of the mortgage market, have wasted no time in matching the central bank's interest rate rise with 25 basis point increases to variable home loan rates.
ANZ Banking Group Ltd (ASX:ANZ) was first off the mark after the Reserve Bank of Australia's (RBA) announcement, saying in a statement on Tuesday that its standard variable home loan rate will rise to 6.31 per cent as of Monday November 9.
The Melbourne-based bank will also raise interest rates on a range of deposit products by 35 basis points and rates for credit cards and business lending will increase by 0.25 of a ...