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Big banks start raising interest rates after RBA move – myGC.com.au

UPDATE | NAB became the last of the big four banks to fully pass on yesterday’s interest rate hike.

NAB will raise its standard variable home loan rates by 0.5% from next Friday, according to ANZ and Commonwealth Bank.

It will also increase the interest rate on certain savings products, including its reward savings account.


“Overall, our customers are in a good position with a good lead on their repayments. For any customer who wants to understand what rising interest rates mean for their home loan or are worried about their financial situation, we are here to help, said Rachel Slade, group director of personal banking. NAB.

EARLIER | ANZ followed Commonwealth Bank in raising interest rates on home loans following the RBA’s decision to raise the case rate by 50 basis points.

ANZ will also raise mortgage rates by 0.5%.

The change will come into effect from July 15.

“In making its decision today, ANZ considered a variety of factors, including the change in the official exchange rate, the impact on customers, business performance and competition,” ANZ said in a statement.

The bank will also raise interest rates on some of its savings products.

EARLIER | The Commonwealth Bank has become the first of the major banks to change interest rates following the latest increase in the official exchange rate.

The Reserve Bank on Tuesday raised the cash rate by 50 basis points to 1.35%, warning that there is more to come.

The Commonwealth Bank will fully pass on the rate hike to home loan customers.

The increase will see the standard variable rate on home loans rise to 5.8%.

The hike will come into effect from July 15.

“We’re here to support our customers and have a range of tools to help them manage their refunds online, including aligning when and how often to pay, as well as tools to help them budget and track their spending, such as Spend Tracker in the CommBank app,” said Angus Sullivan, Commbank Group Director, Retail Banking.

“We understand that the rapidly changing pricing environment may raise questions for some of our customers and we are here to help. We encourage our customers to message us within the CommBank app to explore different support options or to connect with a home loan specialist.

The bank will also raise interest rates on some savings accounts.