Three of Australia's major banks have passed on the rate increase. 9News
The average owner-occupier with a $500,000 debt and 25 years remaining on their mortgage will see repayments rise by around $65 a month.
"Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions."Commonwealth Bank Australia announced on Tuesday night it would be passing the rate rise onto its customers, increasing its home loan variable interest rates by 0.25 per cent per annum.
"While this change will impact customers in different ways, home loan customers are generally well placed to manage rising rates with around 70 per cent of accounts ahead on repayments – many of them by two years or more. Household and business deposits are also at record highs." "We know many of our customers were able to build up their savings during the pandemic and 70 per cent of home loan customers are ahead on their repayments, helping put them in a better position to withstand an interest rate rise.
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