Big-four banks CommBank and ANZ continue to send fixed home loan rates upward, increasing this week by up to 80 basis points.
As attention turns to RBA’s June meeting next week, smaller lenders showed their might, cutting fixed and variable home loan interest rates.
Bank of Queensland has increased the savings rate on its 'Future Saver' product for Gen Z and Millennials by 100 basis points.
Fixed home loan rates were not immune to the hiking frenzy this week with Macquarie and Bendigo leading the charge.
Macquarie Bank's four-month intro savings account rate will hit 1.50% p.a. with two increases applied in a week.
The lid is off on the first RBA cash rate increase in more than a decade, and the major banks all increased variable rates by 25 basis points.
Judo Bank increased its five-year term deposit rate by 30 basis points to 4.05% p.a.
With speculation rife that the RBA will increase the cash rate next week, banks such as HSBC, Citi and others moved ahead of the game.
As May edges closer with a potential RBA cash rate hike in tow, NAB has lifted fixed home loan rates by up to 80 basis points.
ANZ, Westpac and a host of other lenders have hopped at the chance to hike fixed home loan rates by up to 90 basis points.