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Australia's big four banks announce interest rate rises after the Reserve Bank of Australia lifted the cash rate to its highest level in more than a decade.
All of the big four banks have passed on the latest RBA rate hike in full. Australia's major banks will lift variable home loan rates by 0.25 per cent from next month, after the Reserve Bank of Australia lifted the cash rate to its highest level in more than a decade.
RBA decision took the country's cash rate to 4.6 per cent, an increase of 0.25 per cent, and the fourth hike this year. Commonwealth Bank, NAB, Westpac and ANZ announced increases to home loan variable interest rates by 0.25 per cent per annum, effective October 9. CBA's group executive retail banking, Angus Sullivan, said the RBA's decision came during persistent inflation and ongoing global uncertainty, which were adding to economic pressures.
NAB group executive personal banking, Ana Marinkovic, said concerned customers should contact the bank early about their finances. Westpac chief executive, consumer, Carolyn McCann, acknowledged the increase would impact households' cost-of-living pressures.also announced it would make changes to interest rates across its variable home loan and deposit products from October 15. Its variable interest rates on transaction and savings accounts will increase by 0.25 per cent per annum, along with its variable home loan reference rates.
Interest Rate Rises Commonwealth Bank Nab Macquarie Bank
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