The Commonwealth Bank yesterday announced a rise in its variable home loan interest rate of 0.10 per cent to 8.67 per cent.
The hike is two basis points less than the NAB rise announced this week and 10 basis points short of ANZ’s
“We have given careful consideration to the size of this increase and while a higher increase could be justified, we believe that the current level of wholesale funding rates will moderate from the high level experienced pre-Christmas,” CBA group executive of retail banking services Ross McEwan said.
“We have held off passing the increased cost of funds on to our variable loan customers for over five months as we waited to see if the markets would stabilise” he said.
Federal Treasurer Wayne Swan has described the rise as unwelcome, but acknowledged that it is at least to a lesser extent than that of ANZ’s rise.