Moving up the volume chain now, via the AFR:
Macquarie on Monday signalled that higher variable rates would come into effect on July 13 for new customers and 10 days later for existing customers. The bank joins a host of other lenders including AMP, Bank of Queensland, IMB and Auswide, Suncorp, ME Bank and Pepper Group in making rate changes.
Macquarie – which accounts for about 2 per cent of the nation’s mortgage market – will raise owner occupied variable rates for those paying principal and interest by six basis points. Those paying only interest will have their rate upped by 10 basis points as will variable rate loans for investment and self managed super funds.
The majors are next given BBSW remains elevated:
It will be interesting to see if major bank hikes actually help calm BBSW given one reason the market is repricing short term debt is the concern that the banks have lost pricing power post-royal commission.
