Thursday 30 June 2022 03:06 AM Australia's biggest home lender Commonwealth Bank hikes fixed rates by 1.4 ... trends now
View
comments
Australia's biggest home lender has hiked its fixed mortgage rates by 1.4 percentage points in a clear sign it is expecting a surge in official interest rates.
The Commonwealth Bank on Thursday raised its fixed mortgage rates for both owner-occupiers and investors seeking one to five-year terms.
CBA's lowest one-year fixed rate is rising to 4.99 per cent from 3.59 per cent.
The five-year rate is increasing to 6.69 per cent from 5.29 per cent.
RateCity research director Sally Tindall said the surge in fixed mortgage rates from the Commonwealth Bank was unusual.
'Today's fixed rate hikes from Australia's biggest bank are anything but typical,' she said.
'We haven't seen one-off hikes of this size and scale from CBA in our records.'
Australia's biggest home lender has hiked its fixed mortgage rates by 1.4 percentage points in a clear sign it is expecting a surge in official interest rates. The Commonwealth Bank on Thursday raised its fixed mortgage rates for both owner-occupiers and investors seeking one to five-year terms
The Commonwealth Bank said a 0.5 percentage point increase on July 5 was now more likely following a 5.2 per cent increase in the minimum wage.
This would take the Reserve Bank of Australia cash rate to a three-year high of 1.35 per cent from 0.85 per cent,
