Australian bank ING is the latest to raise mortgage rates in the current out-of-cycle hikes.
According to Nine.com.au, ING increased its variable interest rate for investor mortgage customers. Starting 25 September 2018, New and existing investor loan customers will have to bear an additional 0.15% interest.
On the other hand, the bank said rates for owner-occupier loans will remain unchanged. It previously changed the rates for its owner-occupier mortgage products in June, increasing them by 10 basis points.
ING is owned by ANZ, one of the biggest banks to raise rates. ANZ increased the variable interest rates for its home and residential investment loans by 16 basis points.
CBA also announced that it will be raising its variable home loan rates by 15 basis points on 4 October. The bank's standard variable home loan rate is set to jump to 5.37% for those with principal and interest repayments, and 5.92% for those with interest only repayments.
Meanwhile, Westpac w as the first of the big four to raise rates, increasing its variable standard home-loan rate by 14 basis points to 5.38%. Of the biggest banks, only NAB has yet to announce any mortgage rates.
Increased funding costs, believed to have been caused by slowing deposit growth, were reported to be the major impetus for these rate hikes.
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