Three of the big four banks – ANZ, Commonwealth Bank and NAB - passed on the full 50 basis point increase in the cash rate to home loan borrowers last week.
And in what may be a sign of things to come, non-bank lender Firstmac increased its variable rate by 60 bps, Canstar reported
Like other non-bank lenders, Firstmac gets its funding from a combination of warehouses and securitisation. It does not have the flexibility that authorised deposit-taking institutions have in being able to set deposit rates.
Lenders raising funds in the securitisation market have had to deal with a combination of rising margins and benchmark rates this year.
NAB’s standard variable rate for new and existing borrowers is now 6.77 per cent and its lowest variable rate is 4.24 per cent.
ANZ’s standard variable rate for new and existing borrowers is now 6.64 per cent and its lowest variable rate is 4.19 per cent.
Neither bank announced changes to savings rates last week.
CBA’s standard variable rate for new and existing borrowers is now 6.8 per cent and its lowest variable rate is 4.19 per cent.
CBA increased rates on a couple of savings accounts. The GoalSaver rate was increased by 60 bps to 2.1 per cent and the YouthSaver rate was also increased by 60 bps to 2.3 per cent.
Westpac is yet to announce rate changes.
Macquarie Bank, Bendigo and Adelaide Bank, Auswide, Bankwest and loans.com.au passed on the full 50 bps increase.
MyState Bank increased the bonus rate on its Bonus Saver accounts by 60 bps. Customers who meet monthly eligibility conditions will be paid 3.2 per cent.
MyState increased its variable home loan rate by 50 bps.
The only lender so far that has increased its variable home loan rate by less than 50 bps is Greater Bank. Its Great Rate, Ultimate and Standard Variable rates are going up by 45 bps.