Australian homeowners with a mortgage will soon feel the effect of the Reserve Bank of Australia’s latest rate hike as the country’s big four banks are passing the increase on to customers in full.
ANZ, Commonwealth Bank of Australia (CBA), Westpac and National Australia Bank have announced that they will raise the variable rates of their home loan products by 0.5 percent for existing and new customers from the week commencing Aug. 8.
At the same time, the banks will increase the deposit rates on certain saving accounts by a similar percentage.
This comes after Treasurer Jim Chalmers called on commercial banks to pass on the rate increases for both home loans and deposits….