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Commonwealth Bank and Westpac have hiked their fixed interest rates today, with both banks expected a further RBA hike. (Source: AAP) <\/p>\n Commonwealth Bank and Westpac have hiked their fixed interest rates today, with both banks expected a further RBA hike. (Source: AAP) <\/p>\n
Two of Australia\u2019s biggest banks, Commonwealth Bank<\/a> and Westpac<\/a>, have today hiked their fixed home loan interest rates. The increases come ahead of expectations the Reserve Bank of Australia (RBA)<\/a> will lift the cash rate even higher, as inflation comes in hotter than expected.<\/p>\n Commonwealth Bank has increased all of its fixed rate terms by 0.25 percentage points, marking the second time in six weeks it has lifted rates<\/a>. Westpac has similarly increased its fixed rates by up to 0.30 percentage points.<\/p>\n Commonwealth Bank\u2019s lowest fixed rates now start with a 6, with its 2-year fixed rate the lowest offered at 6.04 per cent. Westpac\u2019s move means only its 1, 2, and 3-year rates still start with a 5, with its 1-year fixed rate its lowest at 5.79 per cent.<\/p>\n RELATED<\/p>\n Canstar data insights director Sally Tindall said the fresh round of increases were in response to elevated fixed rate funding costs, along with an expectation that \u201cthis is not the end of the cash rate hikes\u201d.<\/p>\n \u201cCompetition in the fixed rate space, and the near-anaemic appetite from customers to lock in their home loan rate is also likely to have played a role,\u201d she said.<\/p>\n Since the RBA hiked the cash rate to 3.85 per cent<\/a> at the start of the month, Canstar found around 60 lenders had hiked at least one of their fixed rates.<\/p>\n \u201cWe expect this trend will continue as the possibility of further cash rate hikes continues to ramp up,\u201d Tindall said.<\/p>\n All of the Big Four banks passed on the 0.25 per cent hike to variable customers in full, with the hike adding about $90 to the monthly repayments of a typical $600,000 mortgage with 25 years remaining.<\/p>\n Do you have an interest rates story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n Commonwealth Bank, NAB and Westpac expect the RBA will hike the cash rate again in May to 4.1 per cent.<\/p>\n