Commonwealth Bank and ANZ match the Reserve Bank’s cash rate rise

by increasing the variable interest rates on home loans by 0.25 per cent.

“They’re the ones who are most at risk as a result of these rate rises and they are the ones who you are going to hear stories about into the future who are going to struggle potentially to cope if the rates rise as much as the money markets say they will.” On Tuesday night CBA announced it would be increasing home loan variable interest rates by 0.25 per cent p.a. from Friday May 20.

Customers with owner occupied interest only standard variable rate home loans will see increases to 5.29 per cent p.a. and those with investor interest only standard variable rate home loans will increase to 5.64 per cent p.a. The 25 basis point change will increase monthly repayments by $57 on an average home loan of $450,000 for an owner occupier paying principal and interest, ANZ has said.

"The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic," RBA Governor Philip Lowe said.

They are always so quick to rase the rates, but very slow to go the other way around

Considering all the branch closures and customers being forced to bank online, this surely isn't justified!!

Why are comments being deleted

Forced them to hmmmm 🧐

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