The Commonwealth Bank (CBA) today became the first of the big four banks to lift rates despite the RBA’s decision to leave the offical cash rate on hold this month.
The bank’s standard variable home loan rate will rise by 14 basis points, from 9.44 per cent to 9.58 per cent, effective Monday 14 July.
St George and BankWest both lifted rates by 20 basis points this week as a result of the increased cost of funds.
ANZ, NAB and Westpac are now all likely to announce similar rate rises in the days ahead.
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