AMP hikes mortgage interest rates

From AMP:

We are managing our portfolio in a very active market and our decisions on rates are never taken lightly.

We have held off passing this cost on to customers for as long as we can and in fact have not increased interest rates for existing customers since June last year.

With any change, we are focussed on balancing the interests of our customers, the regulator and our business.

8 basis points for owner occupied principal and interest

17 basis points for owner occupied interest only

17 basis points for investment principal and interest

17 basis points for investment interest only

17 fat bps.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.