Big Four Banks Pass on Fourth RBA Rate Hike to Customers

The Reserve Bank of Australia (RBA) has raised the official cash rate for the fourth time this year, increasing it to 4.60 per cent, an almost 15-year high.

Two of the big four banks have already passed on the interest rate hike to their customers: Commonwealth Bank and Westpac.

Commonwealth Bank confirmed that it would increase home loan variable interest rates by 0.25 per cent, which will come into effect on October 9th.

Westpac's chief executive of consumer Carolyn McCann said the ongoing tightening cycle continues to place pressure on household budgets, but added that higher interest rates on deposit accounts will be welcome news for customers looking to grow their savings.