Arabic version: البنوك الكبرى ترفع أسعار الفائدة على قروض الإسكان المتغيرة

According to ABC News, Australia’s major banks will increase variable home loan rates by 0.25 per cent from next month after the Reserve Bank of Australia lifted the cash rate to 4.6 per cent.

The RBA’s latest 0.25 per cent increase was its fourth rate hike this year. It took the cash rate to its highest level since November 2011, following a decision made this week.

Commonwealth Bank, NAB, Westpac and ANZ each announced a 0.25 per cent per annum increase to variable home loan interest rates, effective October 9. ABC News reported that all of the big four banks had passed on the latest RBA rate rise in full.

CBA group executive for retail banking Angus Sullivan said the RBA decision came during persistent inflation and ongoing global uncertainty, which were adding to economic pressures. The banks acknowledged that many mortgage holders could struggle with higher repayments. NAB group executive for personal banking Ana Marinkovic said customers concerned about their finances should contact the bank early.

Westpac chief executive for consumer Carolyn McCann said the increase would affect household cost-of-living pressures. ANZ said it was reviewing its other interest rates. Macquarie Bank also said it would change rates across variable home loan and deposit products from October 15, raising variable transaction and savings account rates and variable home loan reference rates by 0.25 per cent per annum.