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The central bank’s most recent rate hike has been passed on by the nation’s banks.
Following the Reserve Bank of Australia’s (RBA) decision to up the official cash rate to 4.1 per cent during the June monetary policy meeting, several non-major banks have announced they will be passing on the rise to their customers.
AMP Bank announced last week that it will increase interest rates for variable home loans by 0.25 per cent per annum (p.a.). These new rates have already come into effect as of 9 June for new customers and 12 June 2023 for existing customers.
ING Australia confirmed the increase of all variable home loan rates for new and existing customers by 0.25 per cent p.a. effective as of today (14 June 2023).
Its highest variable rate now sits at 5.50 per cent p.a. made up of a 4.95 per cent p.a. additional variable rate for eligible customers and a 0.55 per cent p.a. standard variable rate (this remains unchanged).
Bank of Queensland (BOQ) will lift variable home loan interest rates by 0.25 per cent p.a. for new and existing customers from 16 June 2023.
Suncorp Bank’s 0.25 per cent p.a. increase to variable-rate home loans will also go into effect on 16 June.
Home loan customers on a variable-rate loan with Bendigo Bank will have their rates increased by 0.25 per cent p.a. as of 20 June 2023.
Chief customer officer for consumer banking Richard Fennell said: “Bendigo and Adelaide Bank understands that the RBA’s decision to lift interest rates will put increased pressure on borrowers.
“At the same time, we recognise depositors will be pleased to see higher rates of return on savings products including the competitive interest rate of 5.25 per cent available on our Reward Saver.
“Bendigo and Adelaide Bank has always and will continue to, carefully consider the impact rate rises have on all of our customers. While our customers are generally in good shape, we have a team standing by to help with any concerns they may have.”
As of 23 June 2023, Macquarie Bank’s customers will see an increase of 0.25 per cent on variable home loan reference rates.
All four of the major banks (NAB, ANZ, Commonwealth Bank of Australia, and Westpac) have also lifted variable home loan rates by 0.25 per cent.
The adjusted rates will go into effect for customers with NAB, ANZ, and Commonwealth Bank of Australia (CBA) on 16 June 2023, while Westpac’s new and existing home loan customers will see the variable home loan interest rate increase on 20 June.
CBA subsidiary Bankwest has followed suit with its parent company and lifted its Standard Variable Rate (SVR) for home loans by 0.25 per cent for new and existing customers, effective as of 16 June.
[RELATED: Terminal rate forecasts rejigged following RBA decision]
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