Third big four bank passes on interest rate hikes to mortgage holders – صحيفة الصوت

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Another of Australia’s big four banks has moved to pass on the official interest rate increase to customers.

Westpac has announced it will join the Commonwealth Bank and ANZ in passing on the Reserve Bank of Australia’s newest cash rate rise.

Those with home loans will face an increase of 0.5 per cent on their variable interest rates, the full amount announced by the RBA on Tuesday.
Commonwealth Bank became the first of the big four to pass on the Reserve Bank of Australia’s newest cash rate rise. (Attila Csaszar)

It will also increase the interest rates on select savings products.

CommBank was the first to announce the change, followed closely by ANZ.

Both of those institutions’ changes will come into effect August 12, while Westpac customers will see a change on August 18.

ANZ will also increase the rate on all its variable home loans.

NAB is yet to announce its response to the RBA’s decision.

Macquarie Bank had earlier taken far less time to pass on the official rate increase, announcing on Tuesday afternoon its variable home loan rates will rise by half a per cent next Friday.

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