While the big banks were quick to announce changes to their mortgage rates following the Reserve Bank’s 25 basis point increase in the cash rate, other lenders are taking their time.
Apart from big bank subsidiaries, only four lenders announced home loan rate changes yesterday.
According to comparison sites Canstar and Finder, Macquarie Bank, ING Bank, Suncorp Bank and Horizon Bank notified customers and brokers of rate changes yesterday.
Commonwealth Bank’s subsidiary Bankwest and Westpac subsidiaries Bank of Melbourne, BankSA and St George Bank also raised rates.
So far, all lenders are increasing their standard variable rates for new and existing customers by 25 basis points.
On the savings side, Macquarie will increase the introductory rate on its savings account by 15 bps to 1.5 per cent.
So far, among the big banks only NAB and Westpac have said they will increase deposit rates on selected accounts.