Commonwealth Bank of Australia Rate Rise Hits This Week as Borrowers Face Delayed Mortgage Pain
Commonwealth Bank of Australia will raise variable home loan rates by 25 basis points on Friday, lifting its standard owner-occupier rate to 8.80%. The move follows the Reserve Bank of Australia’s cash rate hike to 4.35% and comes ahead of CBA’s quarterly trading update on May 13. Other major banks, including Westpac and NAB, will also raise mortgage rates this month. Variable business loan rates at CBA will increase from May 15.