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ANZ Bank Joins 3 Main Competitors in Raising Home Loan Rates

  • Variable mortgage rate to rise by 18 basis points from Nov. 20
  • Mortgage rate hikes spur speculation RBA may have to cut
Updated on

Australia & New Zealand Banking Group Ltd. joined its three main competitors in raising its benchmark variable mortgage rate as Australian lenders seek to cover the cost of holding more capital.

ANZ Bank said the 18 basis-point rise by Nov. 20 was in response to regulatory changes. National Australia Bank Ltd. earlier Friday announced a 17 basis-point increase from Nov. 12 -- a move that dragged the Australian dollar lower as it spurred speculation that the central bank may cut interest rates to offset higher home-loan costs for borrowers.