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The big four have started to move their fixed rate home loans once again on the back of increased funding costs.
Yesterday, NAB lifted its one- to five-year fixed rate home loan rates by 20-50 basis points. Westpac, CBA and ANZ have also raised rates on their suite of fixed rate loans in recent weeks.
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Last month, CBA blamed rising funding costs for its 25 to 45 basis point rate increases.
According to the banks the impact of the GFC and a sustained lack of liquidity is likely to place increasing pressure on the cost of funds for the foreseeable future.
Yellow Brick Road chairman Mark Bouris has been lobbying for a wholesale funding rate tracker that would allow borrowers to track the cost of funds thus alerting them to any potential home loan rate increases ahead of time.
