Interest rates in Australia25 October 2015 by News Desk
In Australia, interest rates charged on property loans and mortgages are rising with almost 80% of householders affected.
Westpac is the latest bank to raise its variable mortgage rate, increasing it by 0.2%. And this week the CBA Group, which holds 25% of all mortgages in Australia, raised their rates by 0.15%. The NAB (14.8%) raised its rates by 0.17%. and ANZ (14.7%) increased its interest rates by 0.18%.
At ANZ, the standard variable rate for owner-occupier home loans will increase by 0.18%pa to 5.56%pa and the Residential Investment Property loan index will increase by 0.18%pa to 5.83%pa, with changes coming into effect 20 November. The increase will add $36 per month to the average home loan of $242,000, according to ANZ.
Banks that have raised their mortgage rates currently hold 77.5% of all mortgages in Australia. The remainder are covered by regional banks (16.9%) and non-bank lenders (5.5%). Mortgages represent around 60% of total loans in the Australian financial system and around 85% of mortgages are based on variable rate terms.