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ANZ joins the rate hike party

Business Insider Australia logo Business Insider Australia 6/09/2018 Chris Pash
a person standing in front of a television: William West / Getty Images © Getty William West / Getty Images

ANZ announced it will increase its variable interest home loan rates, the second of the big four banks to raise mortgages in response to higher funding costs.

Variable interest rates for home and residential investment loans will rise by 0.16% of a percentage point, effective September 27.

Westpac last week announced it was lifting variable interest rates for owner occupied and residential investment property loans by 14 basis points from September 19.

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