 Banks raise fixed home loan rates
All eyes are on ANZ and National Australia bank to see if they will follow the CBA and Westpac and lift fixed rate mortgage rates.
Last week Westpac Bank lifted rates for its fixed mortgages.
Spokesman David Lording says one-year fixed home loan rates will rise by 10 basis points to 5.59 per cent and three-year fixed rate loans will rise by 40 basis points to 6.99 per cent. It's five-year rate will rise by 45 basis points to 7.64 per cent.
He says rates are being lifted because funding costs have risen.
However, banks are cutting penalty fees. NAB was first last month by abolishing the fee on overdrawn accounts. This is the fee that causes the most complaints.
ANZ hasn't commented but may follow Westpac and cut all penalty fees across the board.
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