All of Australia's biggest banks have lifted mortgage rates, matching the Reserve Bank's 25-basis-point increase.
According to RateCity, when the banks pass on the rate lift in full, the average borrower with a $500,000 loan and 25 years remaining will see their repayments rise by $65 a month.However, both CBA and ANZ did not announce any changes for savers, and RateCity research director Sally Tindall said that's "a worrying sign."
The company said it would also increase interest rates for selected consumer deposit accounts, including Westpac Life, Westpac 55+ and Retired, by 0.25 per cent. "The market remains extremely competitive," David Zammit, national sales director from Mortgage Choice, said.
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