The Banks Vs The RBA
On Friday we saw ANZ start a trend that indicates they have made official its break with the Reserve Bank by raising its mortgage rates.
The bank last year indicated it would no longer be bound to the official cash rate, with ANZ Australia chief Philip Chronican saying the bank would make rate announcements the second Friday of each month.
ANZ made good on the promise today by lifting its standard variable rate by 0.06% to 7.36%. But while taking with one hand, the bank gave with the other, cutting its three-year fixed rate by 15bps to 5.99%.
The announcement comes just a day after Bank of Queensland vowed it would not lift rates until at least next month but at 6.05pm on Friday Westpac lifted its rate by 0.1% and I expect NAB and CBA to follow. . NAB has also indicated it is intent on maintaining the lowest SVR among the majors. Follow me on twitter @financegurus for my latest updates this week.