Picture from CommBank media

The RBA hiked rates by 25 basis points (bps) last week, and most banks across Australia will be passing that on in full to variable rate mortgage customers.

This week saw three of Australia's 'big four' banks implement the rate hike, as well as several second tier banks such as Bendigo Bank and ING.

Some banks have also been moving up fixed rates, in many cases by more than 25 bps.

CommBank, ANZ, and NAB up variable rates by 25 bps

Variable mortgage rates at CBA, ANZ, and NAB will be increased by 0.25% p.a. from today.

Westpac customers aren't getting a reprieve; the rate hike will be kicking in next Tuesday.

These are the some of the new variable rates for owner occupiers available at the other three:

Bank Product New rate Comparison rate*
CBA Wealth package standard variable rate (LVR<80%) 6.69% p.a. 7.06% p.a.
NAB Base variable rate home loan (LVR <95%) 6.84% p.a. 6.88% p.a.
ANZ ANZ Standard variable home loan (LVR <80%) 7.24% p.a. 7.24% p.a.

And for investors:

Bank Product New rate Comparison rate*
CBA Wealth package investment standard variable rate (LVR<80%) 6.70% p.a. 7.07% p.a.
NAB Basic variable rate investment (LVR<95%) 7.36% p.a. 7.41% p.a.
ANZ ANZ Simplicity PLUS Residential Investment loan (LVR<80%) 6.74% p.a. 6.74% p.a.

Bendigo, Suncorp up variable rates by 25 bps

It wasn't just the majors to move this week, with ING, Bendigo, Suncorp and Macquarie among the various other lenders to pass the rate hike on to customers.

For owner occupiers, these are now the lowest available rates at the respective banks (excluding products with a lower LVR threshold than 80%):

Bank Product New rate Comparison rate*
Bendigo Bendigo Express home loan (LVR<90%) 5.97% p.a.  6.12% p.a.
Suncorp Back to Basics (better together special offer) variable home loan (LVR<80%) 6.14% p.a. 6.15% p.a.
ING Mortgage Simplifier (LVR<80%) 6.14% p.a. 6.17% p.a.
Macquarie Basic variable (LVR<80%) 6.20% p.a. 6.22% p.a.

And for investors:

Bank Product New rate Comparison rate*
Bendigo Express variable investment (LVR<90%) 6.22% p.a. 6.37% p.a.
Suncorp Back to Basics (better together special offer) investment variable (LVR<80%) 6.34% p.a. 6.35% p.a.
ING Mortgage Simplifier investor (LVR<80%) 6.34% p.a. 6.37% p.a.
Macquarie Basic variable investor (LVR<80%) 6.44% p.a. 6.46% p.a.

CommBank, Bendigo hike fixed rates

CommBank, Bendigo, and Suncorp also revealed increases on some fixed rate products this week. Highlights included:

  • The CommBank Residential fixed three years owner-occupier with wealth package (LVR<95%) was upped by 30 bps to 6.59% p.a. (8.00% p.a. comparison rate*)
  • The Bendigo Express fixed three years owner-occupier (LVR<90%) had rates increased by 25 bps to 6.49% p.a. (6.27% p.a. comparison rate*) 
  • The Suncorp Home Package Plus First Home Buyer five year fixed (LVR<95%) saw rates go up by 25 basis points to 6.39% p.a. (6.93% p.a. comparison rate*)

Read more: