Thu. Aug 18th, 2022

The Reserve Bank of Australia has raised interest rates by 0.5 percentage points, making the new cash rate 1.35 per cent.

That’s the third rate rise in three months.

It’s now up to the banks on how they react to the change.

Here’s what the Big Four have done.

Commonwealth Bank

Commonwealth Bank (CBA) was the first of the Big Four banks to increase interest rates on Wednesday.

Each 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 at 0.50 per cent ranging from 1.25 per cent to 2.50 per cent.

Changes come into effect on July 15, 2022.

ANZ

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.

It is also passing on the rate hike to bonus interest account Progress Saver and ANZ Plus in full.

The changes take effect from July 15.

Westpac

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