Friday, March 9, 2012

Which Bank Didn't Follow RBA this time?

Although the RBA chose to keep the cash rate steady at 4.25%, many of the banks are increasing their fixed interest rates. ANZ will be raising their 3 year fixed rate by 20 basis points from 6.14% to 6.34%.

Suncorp also raised its 2 year fixed rate by 16 points to 6.14%. The only bank to have increased their variable rate since the RBA's announcement on Tuesday was the Bank of Queensland which moved their variable home loan rate up 10 points to 7.46% claiming rising funding costs.

I wonder how many people last month jumped to the Bank of Queensland when they decided NOT to raise rates, only to see them going up this month?

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