The big banks are all expected to follow, with savers also rewarded with bigger interest payments.
Commonwealth Bank of Australia is the first big bank to move on rates, with standard variable home loan rates to rise by the same 0.5 percentage point as theSelected deposit rates will also increase, with a new 15-month term deposit rate of 2.5 per cent designed to lure savers. CBA has also passed on the full 0.5 percentage point increase to GoalSaver and YouthSaver depositors.Jason South
Angus Sullivan, CBA’s head of retail banking, said the bank would support customers as they navigate the faster than expected tightening in monetary policy. “We understand the rapidly changing rate environment may raise questions for some of our customers, and we are here to help them,” Mr Sullivan said.
The new home loan variable interest rates will take effect on 15 July, increasing the standard variable rate to 5.8 per cent for owner occupiers and 6.38 per cent for investor loans.More to come
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