The RBA has raised interest rates by 0.5 percentage points, and now it's up to the banks on how they react to the change. Here's what the Big Four have done.
It's now up to the banks on how they react to the change.first of the Big Four banks to increase interest ratesEach of the home loans offered will increase by 0.50 percentage points per annum ranging from 5.8 per cent to 6.64 per cent per annum.
CBA also announced there would be an interest rate increase on select savings products by 0.50 per cent ranging from 1.25 per cent to 2.50 per cent.ANZ was the second of the big four banks to pass on the rate rise, lifting its variable interest rates by 0.5 per cent and offering a term-deposit rate of 2.5 per cent for 11 months from July 11.The changes take effect from July 15.
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