The Commonwealth Bank, ANZ and St.George have matched the RBA's 25bps increase announced yesterday with Westpac and NAB expected to do the same.
CBA will raise interest rates on standard variable loans to 6.86%. ANZ's will push its standard variable rate to 6.9%, while St.George will raise the interest rate on its standard variable home loans to 6.93%.
All increases will affect new and existing customers from 5 March.
ANZ Australia chief execuitve Phil Chronican said that funding costs continued to be a factor for the banks.
"Funding costs remain high and increasingly this looks to be a permanent part of the world's financial landscape following the global financial crisis," he said.
Westpac and NAB are still reviewing their decision,.
Related stories:
RBA presses 'play' button on rates - aving held off raising interest rates in February, the RBA has today, as expected, pushed up the official cash rate by 0.25%
Latest Comments
Total:
2
comment(s)
Frank ( Ballast ) on
03 Mar 2010 11:46 AM
Does that mean that NAB may not increase rates at all or increase rates less than RBA - they did indicate that any increases would be no greater than RBA''s .... additional rate pressure to foster competition amongst the industry would be welcomed !
DCG on
03 Mar 2010 11:53 AM
Amazing how quickly these banks can pass on the rate rises, but how slow they were to pass on the cuts...