The number of lenders to raise interest rates has now reached 24, following the Reserve Bank decision to increase the official cash rate on Tuesday.
Online comparison website Mozo has released on Friday a list of 24 lenders, including big banks and non-majors, which have all lifted their variable rates by 25 basis points.
The big four banks each passed on the full 25 basis point increase to variable home loans within 24 hours of the RBA’s announcement.
ANZ and NAB customers will be the first to experience higher variable rates with rate hikes coming into effect on 13 May. This will be followed by Westpac customers on 17 May and Commonwealth Bank customers on 20 May.
Read more: RBA lifts official cash rate
Virgin Money, HSBC, and Greater Bank announced on Thursday that they would be increasing their rates by 25 basis points.
Suncorp, Macquarie, ME Bank, ING, Bankwest, and Bank of Queensland have also passed the rate hike onto its customers.
“There is no doubt that a rate increase will be immediately felt by households across the country,” said Mozo spokesperson Tom Godfrey (pictured).
“After months of higher grocery and petrol prices, this is another cost that will be further squeezing household budgets.”
The new big four average standard variable interest rate would be 4.76%, adding an additional $71 a month to $500,000 mortgage.
Read more: Big four banks lift variable interest rates
While the big four banks were quick to move variable home loan interest rates, only three increased its bonus savings rates. ANZ (0.40%), NAB (0.50%) & Westpac (0.50%) bonus savings increased by 25 basis points.
“While an increase to these rates is welcome for savers, the highest big four savings rates is 85 basis points below the top bonus rate of 1.35%,” Godfrey said.
Below is a list of each lender which has added a full 25-basis point increase to its standard variable loan.
- Australian Military Bank
- Auswide Bank
- Bank First
- Bank of Melbourne
- Bank of Queensland
- Bank SA
- Commonwealth Bank
- Greater Bank
- MyState Bank
- Newcastle Permanent
- St George
- Virgin Money