Lenders pass on the full 25 bps

John Kavanagh

Lenders have not bothered trying to finesse their home loan interest rate increases, with all those that increased rates last week hiking by the full 25 basis points.

Comparison site Mozo.com.au reported that by the end of last week 24 lenders raised home loan rates in response to the 25 bps increase in the cash rate – all passing on the full hike.

That leaves 71 providers in the Mozo database yet to make their move.

Mozo said there have been fewer savings rate increases and not all of them by 25 bps.

Macquarie Bank increased the introductory rate on its savings account by 15 bps to 1.5 per cent.

ANZ, NAB and Westpac increased savings rates by 25 bps but only on selected products. Commonwealth Bank is yet to move on savings rates.