The Commonwealth Bank (CBA) this afternoon announced that it would increase its standard variable home loan rate by 35 basis points.
Group executive of retail banking services Ross McEwan said the bank has absorbed a significant proportion of the increased funding costs that it has experienced since August 2007, and that unfortunately these funding costs had continued to increase.
“CBA is committed to remaining in this market however interest rates charged to clients need to reflect the increased costs in funding,” he said.
The new standard variable rate will be effective as of Wednesday 12 March.
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