Wizard Home Loans has raised its variable interest rate on number of its products by 10-basis points because of continued higher wholesale funding costs.

The non-bank lender said the move would only partially offset the increased funding costs.

“It’s important to note our new standard variable rate of 9.39 per cent continues to be competitive with the major banks,” a Wizard spokesperson said.

The new rates apply to new customers from May 20 and to existing customers from May 23.

AAP