ANZ has raised the rate of its standard home loans by 18 basis points to 5.56 per cent.
Earlier in the day, NAB lifted its variable mortgage rate by 17 basis points to 5.6 per cent.
It follows Westpac raising by 20 basis points last week, and Commonwealth yesterday raising its Standard Variable Rate (SVR) by 15 basis points.
And no – the Reserve Bank will not to a bloody thing – they cannot.
So – in my very early posts I requested that people lock in long term fixed rates on loans – you were forewarned – the question is did you take notice?
It is getting messy in ‘LoanLand’ – this is the first rate rise of many for all the Banks.
This is just Australia – wait – it will happen globally.
Any increase in interest rates has social ramifications it forces borrowers to substitute – increases tension – and all one needs at this point is for increased taxes to put the icing on the cake.