CBA home owners will now pay an extra $88/month on home loan

Commonwealth Bank home loan customers with an average $300,000 standard variable mortgage will pay an extra $88 a month after the bank raised interest rates by 0.45%. CBA’s standard variable home loan rate is now 7.81%.

In other news, it seems that other banks might also follow CBA's lead and raise their standard variable home loan rate by more than the RBA's 0.25% rise.

ANZ and Bendigo have said they want to lift their margins on home loans.