More Banks Lift Mortgage Rates

Commonwealth Bank, ANZ and St George have joined NAB and Westpac in another out-of-cycle increase in mortgage rates for investment and owner-occupier loans.

ANZ has lifted investor home loans for existing customers by 25 basis points to 6.85%, while existing owner-occupiers making interest-only repayments will see their rates rise by 2 basis points to 5.45%. Owner-occupiers repaying interest and principal will be unaffected.

ANZ says new customers taking an investment loan would be charged an additional 11 basis points, pricing loans at 5.96%. 

CBA will raise the standard variable rate on interest-only owner-occupier loans by 25 basis points to 5.47%, while principal and interest loans will edge up by 3 basis points.

CBA, which has already tightened investor lending requirements, has also made the most aggressive push on interest-only investor loans, jacking them up by 26 basis points to 5.94%.

Westpac-owned St George Bank also announced it planned to follow suit with the big four banks and raise its rates.