Australia’s largest bank has suddenly raised its fixed interest rates for homeowners and investors by a massive 1.4 percent on June 30, a move that has surprised the lending market.
According to an analysis by the financial comparison website RateCity, the Commonwealth Bank of Australia (CBA) lifted its one-year fixed rates for owner-occupiers to 4.99 percent, up 2.90 percent from one year earlier.
Similarly, the bank’s five-year fixed rates soared to 6.69 percent, an increase of 3.7 percent compared to the previous 12 months.
CBA also slashed its lowest variable home loan rates by 0.15 percent, down to 2.79 percent and 2.89 percent for home buyers with a 30 percent deposit and a 20-29.99 percent deposit, respectively….