Rate rise for all 4 banks

All four big banks yesterday passed through the Reserve bank’s 0.25 per cent rate rise to their customers. The rise puts the standard variable mortgage rate at 5.99 per cent from Commonwealth and NAB, while ANZ and Westpac are charging 6.06 per cent.

Westpac and NAB has raised rates on business loan products by the same amount, while ANZ and Commonwealth are still to announce changes to business lending rates.

Most term deposits and savings accounts will also receive the extra 0.25 per cent interest rate.