Niche lenders leave rates on hold
Some smallers lenders are taking their time passing on last week's interest rate rise. After the RBA increased the cash rate of interest to 5.75 per cent last week, the Big Four (National Australia Bank, Commonwealth Bank, ANZ and Westpac)all increased their variable loan rates by a quarter percentage point. Some building societies and non-bank lenders, including Liberty Financial, have not yet raised their variable rate mortgages. Virgin Home Loans said it would not pass on the rise until January.