Wave of rate hikes continues

by Adam Smith15 Feb 2012

Nine lenders have thus far announced rate hikes following moves by the big four.

The majors completed their round of rate rises on Monday, with CBA and NAB lifting their standard variable rates. Second tiers have begun to follow the majors, moving an average of 10bps.

CBA subsidiary Bankwest has announced it will raise its rates by 10bps, mirroring the move by its parent bank. Bankwest's standard variable rate remains below that of CBA, however, rising to 7.30% compared to Commonwealth's 7.41%.

Bendigo and Adelaide Bank also raised rates, moving 15bps to take their standard variable rate to 7.45%. Mutuals have not been immune from the round of rate hikes either. Greater Building Society moved 10bps, lifting their rate to 6.90%.

In spite of these moves, comparison site RateCity said most borrowers will still be paying less than the new benchmark rate, as discounted rates of between 50bps and 100bps are still available.

 

Lender

Rate increase

New standard variable rate

ANZ

0.06%

7.36%

Commonwealth Bank

0.10%

7.41%

NAB

0.09%

7.31%

Westpac

0.10%

7.46%

Bankwest

0.10%

7.30%

Bendigo

0.15%

7.45%

Adelaide

0.15%

7.45%

Greater Building Society

0.10%

6.90%

UBank

0.09%

6.23%

Average

0.10%

7.21%

 

 

 

 

 

 

 

COMMENTS

  • by John Robbo 15/02/2012 9:40:48 AM

    I think that the minor lenders need to come under more scrutiny as they tend to hide in the shadow of the bigger banks & yet they have raised their rates more than the majors.