Commonwealth and ANZ banks increase rates

The Commonwealth and ANZ have followed Westpac and raised interest rates on their standard variable rate home loans by more than the Reserve Bank’s 0.25 per cent rise last Tuesday.

Westpac raised rates by 0.45 per cent last Tuesday, attracting criticism from the federal government and consumer groups.

Commonwealth added 0.12 per cent to the RBA’s rate rise, upping their variable mortgage rate to 6.61%. ANZ’s variable mortgage rate went up 0.35 per cent, 0.10% more than the RBA’s rate rise to 6.66%. Westpac’s variable mortgage rate is now clearly the highest of the four big banks at 6.76%.

The treasurer Wayne Swan said Commonwealth, ANZ and Westpac can expect and deserve a severe customer backlash.