Adelaide Bank has moved to lift its wholesale mortgage rate by 40 basis points following yesterday’s official 0.25 per cent RBA rate rise.
"Our delivered cost of wholesale funds has increased by 40 basis points, or 15 basis points above the RBA," an Adelaide Bank spokesperson today told AAP.
The spokesperson said the increase was an obvious response to global funding markets.
"It's not a decision we take lightly and we do it with consideration for all of our stakeholders, including our customers and our partners and our shareholders," the spokesperson said.
The bank, which was recently acquired by Bendigo Bank, said neither of the banks expect to lift retail rates further than the 25 basis point RBA increase.