Banks raise rates again - summary

Westpac joined the interest rate changes and increased its standard variable rate by 14 basis points to 9.61 per cent this week. Now all major banks in Australia have raised their interest rates despite the fact the RBA left official rates unchanged at 7.25%. Banks are blaming higher costs of funding for these additional raises.

Below you can find a table with the results of the latest increases and how much more it would cost you with an average loan of $300,000 for 30 years under standard variable rate.

  Previous Rate, % Rate Rise, % Date of the Rise Current Rate, % Increase on Monthly Repayments Increase on Total Repayments
St George 9.47 0.20 4 July 9.67 43.86 15,789.60
BankWest 9.35 0.20 9 July 9.55 43.71 15,735.60
Commonwealth 9.44 0.14 11 July 9.58 30.65 11,034.00
ANZ 9.47 0.15 11 July 9.62 32.87 11,833.20
NAB 9.46 0.15 14 July 9.61 32.86 11,829.60
Westpac 9.47 0.14 15 July 9.61 30.67 11,041.20

 However banks still have various products with better rates and you can compare them here at Rate Detective.

Related Topics:

Compare Products

Savings Accounts Australia

Are you getting the best value for your dollar? Here is the best Savings Accounts in Australia at the moment: