FinanceNews.com.auBig four banks lift mortgage rates from Friday: What you’ll pay
All four major banks are lifting variable mortgage rates by 0.25 per cent from Friday after the RBA's latest hike, meaning the average borrower will pay around $5,568 more per year.
Frustrated mortgage holders will officially pay more interest on their home loans starting on Friday, as the major banks pass on the rates pain.
All four major banks are passing on the RBA's latest 25 basis point rate rise to variable mortgage holders, effective from Friday.
The cash rate now sits at 4.60 per cent, the fourth hike of this cycle, with CommBank's new variable rate at 6.34 per cent and Westpac's lowest at 6.24 per cent.
According to Compare the Market, the average borrower with a $731,000 loan will pay roughly $5,568 more per year compared to the start of 2026.
With the cash rate now at 4.60 per cent, CommBank's variable rate sits at 6.34 per cent and Westpac's lowest is 6.24 per cent, so it is worth checking if a better deal exists elsewhere.
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