All four big banks let their customers down

National Australia Bank and Westpac have followed CBA and ANZ and raised their standard variable mortgage rates above and beyond the rate rise imposed by the Reserve Bank of Australia.

NAB went up 43 basis points increase on its home lending rate on Friday, while Westpac lifted its rate by 35 basis points. The Commonwealth Bank of Australia (CBA) led the way with a 45 basis point increase, which was followed by a 39 basis point move by ANZ on Wednesday.

Finance Minister Penny Wong said the banks let their customers down. “There is no justification for any bank to move above the official interest rate rise,” Senator Wong told reporters in Sydney. Shadow treasurer Joe Hockey said this was just another sign of the private sector completely ignoring the most “ineffectual and the weakest” government in a generation.

Source: Sydney Morning Herald