Sydney Today, April 4th, Australian Eastern Time, St George bank has adjusted the interest rates of a series of fixed-rate loans in the past week. This is the first major bank in Australia to move such high-profile interest rates recently.
On Friday afternoon, ANZ raised its variable lending rate by 6 basis points to 7.42%, citing the increase in financing costs. Westpac Bank, Commonwealth Bank and National Australia Bank subsequently announced that their mortgage interest rates were still under consideration. Kookmin Bank promised to maintain the lowest mortgage interest rate among the four major banks in 2012.
Australia’s major banks are facing a slowdown in consumer loans and a decline in business. They have now begun to compete in absorbing deposits and loans. Citi Australia also lowered its 3-year fixed mortgage interest rate by 7 basis points to 6.25%. (Wendy)
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