, lifting variable mortgage interest rates by the entire 0.5 percentage points of the official hike and also increasing the interest rate on its popular savings accounts by the same amount.
In a move CBA said would create certainty for customers who are concerned about the pace of rate hikes, the bank also introduced a new four-year fixed rate loan at 4.99 per cent, a reduction of 1.60 per cent from its current four-year fixed rate.of RBA rises to depositors, CBA said the standard variable interest rate on its NetBank Saver account would increase by the full 0.50 per cent to 0.85 per cent. A five-month introductory rate of 1.80 per cent was also lifted by the 50 basis points.
“We want to support our customers where we can, and that includes increasing select deposit rates, so they can achieve a better return on their savings and manage any pressures to their family budget associated with cost of living,” said CBA group executive of retail banking, Angus Sullivan. The 50 basis point increase on standard variable mortgage rates was the same for owner occupiers and investors, paying principal and interest and interest-only.
Source: Loan Digest (loandigest.net)
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