Two of Australia’s big four banks have moved to pass on the official interest rate increase to customers.
Commonwealth Bank became the first of the big four to pass on the Reserve Bank of Australia’s newest cash rate rise on Thursday morning, shortly followed by ANZ.
CBA will increase its home loan variable interest rates by 0.5 per cent, the full amount announced by the RBA on Tuesday.
It will also increase the interest rates on select savings products.
ANZ will also increase the rate on all its variable home loans.
Both institutions’ changes will come into effect from Friday, August 12.
The other two of the big four banks, NAB and Westpac, are yet to announce their 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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