Are all banks raising their home loan rates?
Australia’s biggest mortgage lender, the Commonwealth Bank, has announced a rise in variable mortgage rates for owner-occupiers of 0.15 percentage points. Westpac has announced a 0.20 percentage point rate rise. The other two big banks, ANZ and National Australia Bank are expected to also announce rate rises.
However not all lenders are raising their rates. Smaller lenders are not subject to new capital rules and many will not raise their rates. Some smaller lenders have even cut home loan rates in the last few weeks.
If you are unhappy with your current lender, have a look around and compare deals to see if you could save big dollars by switching loans.