Three of Australia’s Big Four banks have adjusted their variable home loan rates upward one day after the central bank raised the cash rate for the third time in 2022.
On July 6, the Commonwealth Bank of Australia (CBA) was the first bank to pass the rise on in full by lifting the rates of its variable home loan products. ANZ and National Australia Bank quickly followed the move.
While Westpac has not made any announcements, the lending market expects the bank to catch up soon.
The CBA’s new rates will take effect on July 15, with the standard variable rate for owner-occupiers going up by 0.5 percent to 5.8 percent per year….