All of Australia’s big four banks have moved to pass on the official interest rate increase to customers.
Westpac and NAB announced they will both 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 9 August. It will also increase the interest rates on select savings products.
CommBank was the first to announce the change, followed by ANZ. Both of those institutions’ changes will come into effect August 12, as will NAB’s, while Westpac customers will see a shift on August 18.
Macquarie Bank had earlier taken far less time to pass on the official rate increase, announcing its variable home loan rates will rise by half a per cent on August 12.
(Source: 9News, Daniel Jeffrey, 4 August 2022)
