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Rate rises: CBA refusing to go first

08/10/2009

Commonwealth Bank and NAB are resisting pressure to announce their rate rise intentions as all four big banks seem to be stuck in a standoff to see who will move first.

The Reserve Bank put official rates up by 0.25 per cent on Tuesday, but as yet no bank has yet announced how much it will raise rates.

The government has warned banks not to raise rates by more than 0.25 per cent, but increasing costs of funds has led to speculation that the big banks may seek to put their standard variable mortgage rates up by more than the RBA’s lead.

Commonwealth Bank and NAB currently have the lowest standard variable mortgage rates at 5.74 per cent.

CBA is believed to be holding off from being the price leader after extensive criticism of the 0.1 percentage point increase it imposed on its main rate four months ago.

Source: Sydney Morning Herald

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