Quick To Pass On Rise And More

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Quick To Pass On Rise And More

Sydney Morning Herald

Saturday February 9, 2008

Jacob Saulwick

MACQUARIE BANK will almost double the Reserve Bank's latest rate rise for some borrowers, as the fallout from the global credit crunch continues to intensify.

The move, to be announced on Monday, comes as the National Australia Bank adds its own mortgage pain, increasing rates by more than the official settings for the second time this year.

Macquarie will raise rates by 0.45 percentage points on some low-doc loans. This is 0.2 points more than the Reserve's 0.25 point rate rise on Tuesday.

The bank, dubbed the Millionaire's Factory for its lavish salary scheme, will increase rates for standard loans by 0.30 points - a 0.05 point premium to the official rise.

For Macquarie's low-doc customers, it is the second hit in less than sixth months.

NAB's executive director and CEO Australia, Ahmed Fahour, left the door open for more bank-driven rate rises.

"Unfortunately, the current environment means that the RBA cash rate does not reflect the true cost of funding a home loan anymore," Mr Fahour said in a statement.

The NAB raised rates by 0.29 points, 0.04 more than the regular increase. ANZ Bank passed on the full 0.25 point rate last night.

Banks are trying to squeeze extra funds out of borrowers because they are losing money in international markets.

© 2008 Sydney Morning Herald

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