Commonwealth Bank is the first of the Big Four to pass on the RBA’s interest rate rise to customers
- Commonwealth Bank has raised its variable rates by half a percentage point
- The 0.5 percentage point increases to mortgage rates are effective on July 15
- CBA is the first of the big four banks to pass on in full Reserve Bank increase
The Commonwealth Bank has become Australia’s first major lender to lift its variable rates by half a percentage point to reflect the Reserve Bank’s latest move.
CBA, Australia’s biggest home lender, announced the 0.5 percentage point increase in its home lending rates on Wednesday morning.
This increase for home borrowers was confirmed 20 hours after the RBA raised the cash rate by 50 basis points to a three-year high of 1.35 per cent, marking the third consecutive monthly increase.
The Commonwealth Bank’s changes come into effect on July 15, making it the first of the big four lenders to pass on, in full, the RBA increase.
The banking giant’s popular variable is rising to 3.39 per cent, from 2.89 per cent, in nine days’ time.
The Commonwealth Bank has become Australia’s first major lender to lift its variable rates by half a percentage point to reflect the Reserve Bank’s latest move
***
Read more at DailyMail.co.uk