The major bank increased rates by 21 basis points across the majority of its business loans “in response to higher funding costs and increased regulatory requirements affecting all banks”.
“We made this decision to ensure we carefully balance the needs of our customers, shareholders and other stakeholders,” a CBA spokesperson told The Adviser.
The move by CBA comes after Westpac raised rates late last month for its commercial loans by 23 basis points and for its small business loans by 19 basis points.
ANZ also hiked rates for some of its business lending products in February, with increases ranging between 21 basis points and 27 basis points.
In January, NAB increased its 30-day rate for business loans by 29 basis points, its 60-day rate by 13 basis points and its 90-day rate by 8 basis points.
[Related: Suncorp unveils new rate below 4%]