All the big banks have now raised their interest rates

All four major banks have now raised their standard interest rates by significantly more than the increase of 0.25% announced by the RBA on Melbourne Cup Day.

Westpac sneaked their rate rise in last thing on Friday afternoon, lifting its rates by .035% to 7.86%, the smallest increase of all of the big four banks.

Earlier in the day NAB announced it was raising its standard variable interest rate on home loans by 0.43% to 7.67%. The bank said it would also abolish early exit fees on new and existing NAB home loans.

On Wednesday ANZ said it would scrap its $700 exit fee and lift its standard variable rate on home loans by 0.39%.

While NAB has decided to follow ANZ Banking Group by abolishing its $900 early exit fee on NAB home loans Commonwealth Bank and Westpac have not announced any changes to their $700 exit fee on mortgages.


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