ANZ Mortgage-Rate Rise Will Anger Customers, Swan Says
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Australia & New Zealand Banking Group Ltd.’s decision to increase mortgage interest rates, citing higher funding costs, will anger its customers, Australian Treasurer Wayne Swan said today.
The lender, one of Australia’s so-called four pillar banks, yesterday raised it standard variable rate by 6 basis points, or 0.06 percentage point, to 7.42 percent, effective April 20. ANZ Bank Chief Executive Officer Mike Smith began a policy this year of announcing any changes to its mortgage rates on the second Friday of each month, to decouple his bank from the Reserve Bank of Australia’s monthly interest-rate cycle.