After months of sustained media negativity directed at the non-bank sector over higher funding costs, the major banks could now face a consumer backlash with the big four all announcing rate rises in January.
A 0.12 per cent rise in NAB’s standard variable home loan rate plus ANZ’s 0.25 per cent rise to some visible-rate loans – both on top of the RBA’s November rate rise – triggered a wave of interest rate rises by other banks in a matter of days.
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