{"id":910925,"date":"2026-09-30T11:16:11","date_gmt":"2026-09-30T11:16:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/910925\/"},"modified":"2026-09-30T11:16:11","modified_gmt":"2026-09-30T11:16:11","slug":"rba-big-four-banks-hike-interest-rates-after-rba-decision","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/910925\/","title":{"rendered":"RBA: Big four banks hike interest rates after RBA decision"},"content":{"rendered":"

The big four banks have passed on this week\u2019s interest rate rise in full more than a day after the Reserve Bank of Australia<\/a> confirmed it had hiked the official cash rate for the fourth time this year.<\/p>\n

The RBA increased the official rate to 4.60 per cent, which is an almost 15-year high.<\/p>\n

\"The<\/p>\n

Commonwealth Bank confirmed on Wednesday it would increase home loan variable interest rates.\u00a0AAP<\/p>\n

Commonwealth Bank<\/a> confirmed on Wednesday it would increase home loan variable interest rates by 0.25 percentage points.<\/p>\n

The bank\u2019s group executive of retail banking Angus Sullivan said the RBA\u2019s decision comes as persistent inflation and continued global uncertainty contribute to broader economic pressures.<\/p>\n

\u201cEach customer\u2019s circumstances are different, and our teams are ready to provide support, help them understand their options and consider what might work best for their situation,\u201d Sullivan said.<\/p>\n

\u201cFor some customers, the immediate priority might be understanding how their repayments and budget may change and where adjustments can be made. <\/p>\n

\u201cFor others, it may be having a more detailed conversation with us about their finances.\u201d<\/p>\n

Westpac<\/a> has confirmed it would increase variable home loan interest rates by 0.25 percentage points per for owner-occupier and investment property loans.<\/p>\n

Westpac chief executive of consumer Carolyn McCann said the ongoing tightening cycle continues to place pressure on household budgets.<\/p>\n

\u201cWe recognise that another rate increase will add to cost-of-living pressures for many households,\u201d McCann said.<\/p>\n

\u201cOur priority is supporting customers through this period and helping them stay on top of their finances. We have a range of support options available and encourage anyone who may be feeling under pressure to contact us early.\u201d<\/p>\n

\u201cAt the same time, higher interest rates on deposit accounts will be welcome news for customers looking to grow their savings.\u201d<\/p>\n

ANZ confirmed it would pass on the hike for variable home loan customers by and continue to review other interest rates.<\/p>\n

\"Westpac<\/p>\n

Westpac has also confirmed it would increase variable home loan interest rates.\u00a0Lisa Maree Williams\/Getty Images<\/p>\n

\u201cCustomers who need additional support are encouraged to get in touch. Our team is here to listen, understand their circumstances and work with them on options to manage their home loan repayments,\u201d ANZ group executive of Australian retail Pedro Rodeia said.<\/p>\n

The bank said the hike would increase monthly repayments by approximately $79 on a variable home loan of $500,000 for an owner-occupier loan with principal and interest repayments.<\/p>\n

After confirming NAB would pass on the hike, group executive of personal banking Ana Marinkovic encouraged customers concerned about their finances to reach out early.<\/p>\n

\u201cMany homeowners will be looking at what this decision means for their household budget and monthly repayments,\u201d Marinkovic said.<\/p>\n

\u201cSome customers may be concerned about the impact of higher repayments, particularly as household budgets remain under pressure.<\/p>\n

\u201cOur focus is on helping customers understand what has changed and where they can turn for support if they need it.\u201d<\/p>\n

The changes for all four banks will come into effect on October 9.<\/p>\n

Macquarie Bank announced on Tuesday<\/a> that it would pass on the rate rise to customers.<\/p>\n

Its variable home loan reference rates will be increased by 0.25 per cent from October 15.<\/p>\n

Nine money editor Effie Zahos on Tuesday said Australians have not seen rates this high since 2011<\/a>.<\/p>\n

\u201cYou\u2019ve got to remember the price of property then was about half a million, it\u2019s now $1 million. This will add $114 extra per month onto, say, an $800,000 or $750,000 mortgage.<\/p>\n

\u201cIn isolation, we\u2019ve been resilient and have been able to handle that. But this is the fourth one \u2014 that will mean an extra $450 per month. What that means is, for $450 a month, you could pay off a $20,000 car loan.\u201d<\/p>\n

She noted that the figure adds up to about $5,400 extra over 12 months.<\/p>\n

\u201cThat would feed a family of four six months’ worth of groceries,\u201d she said.<\/p>\n

\u201cIt means households will have to look for ways to keep cutting back, when really, a lot of us are probably on bare-bones budgets as it is.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The big four banks have passed on this week\u2019s interest rate rise in full more than a day…\n","protected":false},"author":2,"featured_media":910926,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":["post-910925","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/910925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=910925"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/910925\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/910926"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=910925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=910925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=910925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}