All of the big four banks have passed on the Reserve Bank of Australia's ninth-consecutive interest rate hike in dire news for borrowers. 9News
The central bank decided to lift the nation's official cash rate by 25 basis points, taking the baseline rate from 3.1 per cent to 3.35 per cent, on Tuesday.READ MORE:Home loan variable interest rates will be hit in full by the latest 0.25 per cent rise from February 17.
Meanwhile, Westpac also passed on the interest rate on Thursday for their home loan and deposit customers from February 21.The home loan variable rates will increase by the full 0.25 per cent for new and existing customers. Meanwhile, savers will benefit as the bank's eSaver total variable rate will also rise by 0.25 per cent to 4 per cent for new customers for the first five months.
In good news for savers, the bank will also pass on a 0.25 per cent increase to the ANZ Plus Save accounts for an interest rate of 4 per cent per annum on balances less than $250,000 from February 14. NAB said its standard variable NAB home loan interest rate would rise by 0.25 per cent a year from February 17, along with deposit rates for savers.
But the rate pain doesn't seem to be over with RBA governor Philip Lowe forecasting future hikes as inflation continues to surge.
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