Big banks start hiking interest rates following RBA move

UPDATE | NAB has become the latest of the big four banks to pass on yesterday’s interest rate hike in full.

NAB will increase its standard variable home loan rates by 0.5 per cent from next Friday, in line with ANZ and Commonwealth Bank.

It will also increase the interest rate on some savings products including its Reward Saver Account.


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“Overall, our customers are in good position with many ahead on their repayments. For any customer who is interested in understanding what the increasing interest rate environment means for their home loan, or concerned about their financial situation, we are here to help,” NAB Group Executive Personal Banking Rachel Slade said

EARLIER | ANZ has followed Commonwealth Bank in raising its home loan interest rates following the RBA’s decision to lift the case rate by 50 basis points.

ANZ will also increase its home loan rates by the full 0.5 per cent.

The change will come into effect from July 15.

“In making its decision today, ANZ considered various factors including the change in the official cash rate, the impact on customers, business performance and competition,” ANZ said in a statement.

The bank will also increase interest rates on some of its savings products.

EARLIER | Commonwealth Bank has become the first of the major banks to move on interest rates following the latest increase in the official cash rate.

The Reserve Bank on Tuesday increased the cash rate by 50 basis points to 1.35 per cent, warning there would be more to come.

Commonwealth Bank will pass on the rate hike to home loan customers in full.

The increase will see the standard home loan variable rate rise to 5.8 per cent.

The hike will come into effect from July 15.

“We are here to support our customers and have a range of tools to help them manage their repayments online, including aligning them to when and how often they are paid, along with tools to help them budget and track their spending, such as Spend Tracker in the CommBank app,” Commbank’s Group Executive, Retail Banking, Angus Sullivan said.

“We understand the rapidly changing rate environment may raise questions for some of our customers and we are here to help them. We encourage our customers to message us in the CommBank app to explore different support options or to connect with a home lending specialist.”

The bank will also increase interest rates on selected savings accounts.