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Staff Reporter
Hours after ANZ announced it would raise its rates independently of the Reserve Bank, Westpac followed suit.
On Friday, ANZ raised the interest on its standard variable rate by 0.06 per cent, marking the first independent move since the lender announced its split with the Central bank's pricing in December.
According to a statement from the bank, intense pressure on margins forced the bank to raise its rates out of cycle with the RBA.
And the story was much the same for Westpac. Hours after ANZ's announcement, Westpac said it would lift the interest on its standard variable rate by 0.1 per cent from 20 February.
The lender also cited higher funding costs and increased pressure on margins for the interest rate hike.
Both the NAB and Commonwealth held fire on their rates after the Reserve's decision this week to leave official interest rates on hold.
In fact, last week NAB made it very clear that it would continue to undercut its competitors for the whole of 2012.
The bank pledged to offer the lowest standard variable home loan rate of the major banks, demonstrating what NAB's said was it's "commitment to changing the banking industry in the interests of customers and to grow its market share".
John Flavell, General Manager NAB Broker Distribution, said that NAB Broker has a strong track record of delivering market leading products.
"We have led the market with the unique Homeside 'rate for risk' pricing structure, and have consistently delivered competitive rates since the structure was introduced in October 2009.
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