Australia and New Zealand Banking Group (ANZ) is the first of the big four to pass the Reserve Bank of Australia’s (RBA) 25 basis point rate rise on to its customers.
Some of the bank’s selected deposit products will rise by up to 0.50 per cent p.a., including its ANZ Progress Saver up 0.50 per cent p.a. and V2 PLUS up 0.50 per cent p.a.
Interest rates for ANZ’s variable rate mortgage products will also increase by 0.25 per cent p.a. for one and two year terms to 5.70 per cent p.a. and 6.69 per cent p.a. respectively. The ten year term will be reduced 0.25 per cent p.a. to 8.94 per cent.
The rate changes will come into effect from Monday 12 October.