ANZ Bank has announced an increase to its variable investment property rates.
The increase by 0.08 per cent to 5.60 per cent per annum is due to rising funding costs and changing market conditions, according to the bank.
Fixed rates remain unchanged for both investors and owner occupiers.
ANZ's group executive Fred Ohlsson said the rise was a difficult decision that took into account many factors, including account increases and the bank's obligation to manage a balanced portfolio.
He also stressed that no changes had been made to the bank's variable rates for owner-occupied home loans.
"Customers concerned about the long term direction of interest rates are able to take advantage of our competitive fixed rates that remain unchanged for both investors and owner-occupiers," Mr Ohlsson said.
The bank will also raise its Equity Manager Account rate by 0.15 per cent per annum to 5.82 per cent per annum.
All changes are to take effect from December 16.
Details www.anz.com.au
