CBA, NAB round out big four hikes

by Adam Smith14 Feb 2012

The big four banks have finished with their round of rate hikes, with CBA and NAB both lifting mortgage rates.

Commonwealth Bank yesterday announced it would raise its standard variable rate 10bps to 7.41%.

The hike, which will take effect from 20 February, was blamed on increased funding costs over the past six months relative to the official cash rate, which remained on hold this month.

While the bank is under fire for slugging homeowners, it did deliver a fillip to depositors, lifting its six-month term deposit rate by 20bps.

NAB last night became the last major to move, increasing its standard variable rate by 9bps.

The bank made good on its vow to beat its major bank rivals, maintaining the lowest rate among the big four at 7.31%. The move will also apply to Homeside and UBank products.

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