After two days of silence, Commonwealth Bank has finally confirmed it will lift interest rates on its variable mortgages by 0.5 percentage points — in an uncharacteristically slow response to the Reserve Bank's rate hike on Tuesday.
CBA's main rivals — Westpac, NAB and ANZ — still haven't provided any update on their new borrowing rates.
This was followed on Wednesday by ubank — an NAB subsidiary — announcing it would lift its savings rates by 0.5 percentage points in September."This kind of waiting game is unusual, but not unprecedented," said Sally Tindall, the research director of RateCity.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBA interest rates: Reserve Bank lifts official cash rate by 50 basis points to 1.85%Decision is the fourth monthly rise in a row, as Australia’s inflation rate soars beyond target range of 2-3%
Read more »
First mover disadvantage: Why no bank wants to be the first to raise interest ratesOpinion: First mover disadvantage: Why no bank wants to be the first to raise interest rates | EKnightOfficial
Read more »
Reserve Bank of Australia hikes interest rates for a fourth consecutive monthJUST IN: The Reserve Bank of Australia has raised the cash rate by another 50 basis points, lifting it to 1.85 per cent and marking the fourth consecutive rate rise in four months. READ MORE: 9News
Read more »
Reserve Bank of Australia hikes interest rates for a fourth consecutive monthThe Reserve Bank of Australia has hiked interest rates for the fourth consecutive month, lifting the nation&x27;s cash rate target by 50 basis points to 1.85 per cent.
Read more »
Reserve Bank lifts rates for historic fourth consecutive monthThe Reserve Bank has lifted interest rates for a historic fourth month in a row, taking the cash rate to 1.85 per cent as it works to dampen rising inflation.
Read more »