Big 4 banks increase home loan rates

The National Australia Bank and Westpac have followed CBA and ANZ and raised their standard variable home loan interest rates above the rate rise imposed by the Reserve Bank of Australia.

NAB increased their interest rates by 43 basis points, while Westpac lifted its home loan rate by 35 basis points. The Commonwealth Bank of Australia led the way with a 45 basis point increase, which was followed by a 39 basis point move by ANZ last Wednesday.

Finance Minister Penny Wong said the banks have let their customers down. "There is no justification for any bank to move above the official interest rate rise," Senator Wong told reporters in Sydney. Shadow treasurer Joe Hockey said this was just another sign of the private sector completely ignoring the most "ineffectual and the weakest" government in a generation.

If you are looking are refinancing your home loan, speak to one of the mortgage brokers at Intellichoice today on 1300 55 10 45.