CBA has increased its three year fixed rate loan by a hefty 50 basis points to 6.69 per cent – which is now higher than all of its major peers.
The decision to hike fixed rates follows an increase to its standard variable rate last Friday, which received heavy criticism by the federal government.
While treasurer Wayne Swan said he was furious by the move and deputy prime minister Julia Gillard said the decision was “selfish”, CBA’s 5.74 per cent SVR still remains lower than the bulk of the big banks’, excluding NAB with whom it now sits on par.
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