Interest rates to rise even if RBA holds: Australia’s Big Four banks

AUSTRALIA’S Big Four banks have spoken: Brace yourself, our record run of low interest is over, and rates are now on the rise even if the Reserve Bank officially has it on hold. National Australia Bank this morning became the last of the Big Four banks to confirm the record low interest rate run was at an end, with Commonwealth Bank having made its views known on Friday, and Westpac leading the pack out late November. ANZ had earlier signalled that it was finding the current environment tougher and has been tweaking its offering since October last year when all banks moved on residential investors. NAB said it would increase variable rates on new and existing residential investor home loans by 0.15 per cent per annum to 5.55 per cent from next Monday, but keep its variable rate for owner occupiers at 5.25 per cent. #331