ANZ today announced its variable Residential Investment Property Loan Index Rate would increase by 0.08%pa to 5.60%pa in response to rising funding costs and changing market conditions.
There is no change to ANZ’s standard variable rate for owner-occupier home loans.
Fixed rates remain unchanged for both investors and owner occupiers.
ANZ Group Executive Australia Fred Ohlsson said: “Despite residential investor rates remaining at historic low levels, this was a difficult decision that took into account increases in our funding costs and our regulatory obligation to manage a balanced portfolio.
“There are no changes to our variable rates for owner-occupier home loans. Customers concerned about the long-term direction of interest rates are able to take advantage of our competitive fixed rates that remain unchanged for both investors and owner-occupiers,” Mr Ohlsson said.
ANZ will also increase its Equity Manager Account rate by 0.15%pa to 5.82%pa. All changes are effective 16 December.