Commonwealth Bank of Australia Rate Rise Hits This Week as Borrowers Face Delayed Mortgage Pain
Commonwealth Bank of Australia is set to raise variable home loan rates by 25 basis points this Friday, bumping its standard owner-occupier principal-and-interest reference rate up to 8.80% from 8.55%. Borrowers are inching closer to the full weight of this year’s Reserve Bank tightening. The bank said existing customers can check their new rate in NetBank and the CommBank app starting Saturday. Timing is key here. Plenty of mortgage holders haven’t yet felt the full brunt of the Reserve Bank of Australia’s three rate hikes this year. Canstar’s data insights director Sally Tindall told NewsWire that banks work out interest daily, but, as she put it, “they don’t ask you for that extra money straight away.” The latest bump is