Record profits but banks still lift mortgage rates beyond RBA moves
Despite making record profits, two of Australia's largest banks have ignored the Reserve Bank official cash rate and lifted their lending rates for their increasingly stressed borrowers.
Banks are raising rates on a range of mortgage packages regardless of the RBA's monthly moves. (Image source: Shutterstock.com)
As they rack up record profits, two of Australia’s largest banks have raised interest rates outside of the Reserve Bank of Australia’s monthly official cash rate adjustment cycle.
Commonwealth Bank of Australia (CBA) has increased the variable rate on its no-frills home loan for new owner-occupiers and investors with deposits of 30 per cent or more. The bank has also hiked its 1- to 3-year fixed rates for owner-occupiers and investors.
NAB’s ra…
