In response to higher funding costs and a fall in first half earnings of 7 per cent, ANZ has lifted its variable mortgage rate to 9.47 per cent.
"We have worked hard to absorb increases in wholesale rates in the last several weeks, however the pressure has been sustained and given this we have had to pass some of the higher cost on to customers," ANZ managing director, personal, Brian Hartzer said.
With the variable home loan rate now at almost 9.5 per cent, ANZ borrowers will feel the pinch of this latest rise, which will take effect on Monday.
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