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Date Published : Monday, April 28, 2008
One of Australia's largest banks has increased the interest rates it charges on its home loans in preparation of another rate rise by the Reserve Bank later this week.
The National Australia Bank (NAB) increased its variable mortgage rates by 0.1 per cent on Anzac Day, while many Australians were enjoying their day off.
Introduced to take effect on April 28th, the new changes bring NAB's standard variable mortgage interest rate to 9.46 per cent.
The move follows a similar decision by ANZ last week to raise its interest rates by a similar 0.1 per cent, as a result of the continuing effects of the global credit crunch, increasing inflation and a possible rate rise by the Reserve Bank of Australia (RBA) when it meets next Tuesday (May 6th).
Federal treasurer Wayne Swan slammed the NAB's decision to increase rates on the national remembrance day as "lousy", the Australian Associated Press reports.
Speaking in Brisbane, Mr Swan said: "Making the announcement on Anzac Day was a lousy thing to do.
"When banks raise their rates outside the RBA's cash cycle they ought to go out there and front up and explain it to the Australian people."
Mr Swan admitted that global financial pressures meant that banks and other lenders were under pressure to increase rates, but stated that the NAB's timing was "wrong".
He added: "We have to make sure no bank takes advantage of the situation and that's why we've put our bank switching package out there, to make it as easy as possible for people to switch their accounts."
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