In response to increased funding costs which aren't showing any sign of falling, non-bank lender Wizard Home Loans has lifted its standard variable home loan rate by 12 basis points to 9.29 per cent.
"As a result of the unprecedented long-term outlook, which is significantly more expensive than the cash rate, we are unable to continue to absorb the cost without passing it on to customers,' a spokesman said.
"It's important to note our standard variable rate remains lower than the advertised rate of all major banks, despite the fact we dont have the benefit of access to low-cost retail deposits."
Wizard's new rates come into effect from April 12 for new business, and April 16 for existing customers.
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