Two more banks have announced increases in interest rates because other institutions hit their clients with higher rates despite obtaining huge profits.
The ANZ Banking group and the Commonwealth Bank announced their rate hikes on Thursday, a few hours later.
ANZ and CBA join Westpac to raise interest rates on variable interest rates on mortgage loans, even though the official cash rate remains unchanged for two years.
The ANZ Banking group and the Commonwealth Bank announced their rate hikes on Thursday in a matter of hours from each other
The increase comes from ANZ recording gains of $ 6.9 billion for the 2016-2017 fiscal year and Commonwealth Bank registering a profit of $ 9.23 billion for the fiscal year 2017-2018
Although ANZ recorded earnings of $ 6.9 billion for the 2016-2017 fiscal year and the Commonwealth Bank recorded a profit of $ 9.23 billion for the 2017-2018 fiscal year.
The ANZ announcement was made through its official website on Thursday and stated that the increase was due to an "increase in wholesale financing costs" and the current market climate.
However, farmers affected by the drought were given some relief as the bank also announced that the change in rates would not affect the rates for clients of mortgage loans in the regional Australia declared as drought & # 39;
"There is no change in the effective rates of our mortgage loan clients in the drought declared in the region of Australia that benefits more than 70,000 of our clients," said Ohlsson.
"We wanted to do our part to keep cash in the regional cities affected by the drought and we hope this will also help families and small businesses in these areas."
The increase in variable interest rates for residential and residential investment loans in Australia is 0.16 percent, exceeding Westpac's 14 point increase.
The changes will not take effect until September 27, 2018.
Meanwhile, the Commonwealth Bank announced rate increases of 0.15 percent from October 4.
Executive retail banking services of the Commonwealth Bank Group Angus Sullivan said that the Commonwealth Bank also made the decision after careful consideration & # 39;
Both announcements come just a week after Suncorp and Westpac raised their interest rates on mortgage loans.
Suncorp Bank has revealed that it will increase its mortgage loans at a variable rate by 17 basis points and an increase of 10 basis points in loans for small businesses.
The big bank said that the price increase was reduced to "financing costs" even though the company made profits of $ 1 billion in the last fiscal year.
Despite the rise of the Suncorp CEO, Cameron said (pictured) to raise a base salary of $ 2.1 million.
The CEO of Suncorp, Michael Cameron, reportedly will get a base salary of $ 2.1 million.
The former head of the GPT Group has also delivered generous profits and shares estimated at $ 6 million.
This is the second change in interest rates for Suncorp after customers suffered an increase in March of this year.
The next rise in Suncorp interest rates will arrive as early as September 14, 2018.
Suncorp Banking and Wealth CEO David Carter said it is unlikely that the Reserve Bank of Australia will raise interest rates until well into next year. But lenders will be affected by rising financing costs.
The Queensland bank has revealed that it will increase its variable rate mortgage loans by 17 basis points and an increase of 10 basis points in loans for small businesses.
"Since March, we have also witnessed a change in the outlook for the RBA cash rate, with a movement now not expected until well into 2019," Carter told Channel Nine.
"We recognize that any increase in rates will have an impact on the cost of living of our mortgage loan clients, however, our savings clients, many of whom are retired, have been supported by favorable deposit rates in recent months. ", He said.
On Wednesday, Westpac announced its plan to raise interest rates by 14 points on its standard variable mortgage.
This will mean that those with an average mortgage loan of $ 300,000 will receive an additional $ 35 in addition to their monthly mortgage payments, the bank said.