20. February 2012 18:13
Australian and New Zealand Bank announced last 10th February 2012 that it will increase interest rates for variable rate mortgages and small business lending by 0.065. We remember that last December, ANZ was the only bank who passed Interest rate Cuts and unfortunately the Interest rate cut didn’t happen. ANZ’s decision regarding this review, really increased competition among banks for consumers and business deposits. Effective last 17th of February 2012, ANZ’s new standard variable mortgage rate was 7.36%pa. The intense pressure on retail and business margins are one of the considerations why ANZ came up this decision and also because of the increased competition among banks for consumer and depositors.