A week after the Reserve Bank raised the cash rate 50 basis points to 85 bps, all big four banks have passed on the full increase to home loan customers and most other lenders have passed on the rate increase in full.
Comparison site Mozo reported that by the end of last week 16 lenders had announced variable home loan rate increases – all by 50 bps.
They include AMP Bank, Bank of Queensland and its subsidiary Virgin Money, Bendigo and Adelaide Bank, HSBC, Macquarie Bank, ING, ME Bank, Suncorp, Qudos Bank and Westpac subsidiaries Bank of Melbourne, Bank SA, Rams and St George Bank.
Some lenders are moving quickly to implement the changes, with the BOQ and Virgin Money changes taking effect today, June 14.
Following the latest increases, the average variable home loan rate among the big banks is 5.26 per cent, although a couple of the banks are offering much lower rates for new business.
Commonwealth Bank launched Unloan last month, with an offer of 2.14 per cent.
In the meantime, fixed home loan rates continue to rise. Canstar reported that 11 lenders increased 296 variable rates by an average of 47 bps last week.
The average two-year fixed rate for an owner occupier paying principal and interest is now 4.32 per cent and the three-year rate is 4.73 per cent.
Mozo said 12 deposit takers had announced savings rate increases. They include ING, Macquarie, Suncorp, ME Bank, MyState, Rabobank, Volt and CBA.