(Updates with detail, background)
July 6 (Reuters) - Commonwealth Bank of Australia (CBA) became the first lender in the country on Wednesday to lift home loan variable interest rates following the central bank's latest 50 basis point hike, the third interest rate hike in as many months.
The country's biggest lender will raise its home loan variable interest rates by 0.5% per annum from July 15, and added that it will also increase interest rates for "select savings products". (https://bit.ly/3urTWW6)
The Reserve Bank of Australia (RBA) lifted its key cash rate to 1.35% on Tuesday, marking 125 basis points of hike since May and the fastest series of moves since 1994 - all to contain surging inflation even at the risk of triggering a recession.
Australian lenders so far have been in lockstep with the central bank in passing the full rate hike to their customers, expecting to reap benefits at a time when the country's property market is showing signs of cooling after a bumper 22% price surge last year. (([email protected]; Twitter: https://twitter.com/sameer_manekar;))
News: CBA UPDATE 1-Australia's CBA passes on full 50 bp hike to home loan variable rate
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Last
$172.87 |
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Mkt cap ! $289.2B | |||
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