Big four banks sting home owners with rate rise
Australia's four major banks have increased home loan interest rates by 25 basis points following a similar move by the Reserve Bank. While some banks are offering higher interest to depositors, others have yet to confirm if they will pass on the benefits to savers.
Why it matters
This rate hike directly impacts the cost of living and mortgage affordability for a large portion of the Australian population.
— 4:59pm , first published 3:05pm
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Share A A A The Commonwealth Bank, Westpac, ANZ and NAB have followed Macquarie and passed on the Reserve Bank’s quarter-percentage-point rate rise to home owners, increasing borrowers’ pain after three rate rises earlier this year.
While Westpac and Macquarie said they would also increase the interest paid to depositors by the same for at least some of their accounts, ANZ, NAB and CBA confirmed that those rates were still under review.
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