Big four move fixed rates

Big four move fixed rates

27 October 2009 by Staff Reporter 0 comments

The big four have started to move their fixed rate home loans once again on the back of increased funding costs.

Yesterday, NAB lifted its one- to five-year fixed rate home loan rates by 20-50 basis points. Westpac, CBA and ANZ have also raised rates on their suite of fixed rate loans in recent weeks.

Last month, CBA blamed rising funding costs for its 25 to 45 basis point rate increases.

According to the banks the impact of the GFC and a sustained lack of liquidity is likely to place increasing pressure on the cost of funds for the foreseeable future.

Yellow Brick Road chairman Mark Bouris has been lobbying for a wholesale funding rate tracker that would allow borrowers to track the cost of funds thus alerting them to any potential home loan rate increases ahead of time.

The big four have started to move their fixed rate home loans once again on the back of increased funding costs.

Yesterday, NAB lifted its one- to five-year fixed rate home loan rates by 20-50 basis points. Westpac, CBA and ANZ have also raised rates on their suite of fixed rate loans in recent weeks.

Last month, CBA blamed rising funding costs for its 25 to 45 basis point rate increases.

According to the banks the impact of the GFC and a sustained lack of liquidity is likely to place increasing pressure on the cost of funds for the foreseeable future.

Yellow Brick Road chairman Mark Bouris has been lobbying for a wholesale funding rate tracker that would allow borrowers to track the cost of funds thus alerting them to any potential home loan rate increases ahead of time.

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