All four major banks have passed on the Reserve Bank of Australia’s latest rate hikes to struggling customers.
The RBA lifted the nation’s official cash rate for a 10th consecutive month on Thursday, by adding another 25 basis points to raise it to 3.6 per cent, its highest since May 2012.
NAB was the first to pass down the RBA’s interest rates to customers, adding 0.25 per cent to those on a standard variable home loan, effective from March 17.
NAB, Westpac, ANZ and CommBank respond to Reserve Bank of Australia’s cash rate hike, amplifying mortgage pain for Australians.
Photo by Caleb Russell on Unsplash