CBA First Major Lender to Pass On Full Rate Hike to Variable Home Loan Customers

Commonwealth Bank of Australia (CBA) has become the first major lender to confirm it will pass on the full Reserve Bank of Australia's (RBA) rate increase to its variable home loan customers.

The bank announced that the higher variable rates will apply from next week, with borrowers encouraged to contact their hardship and lending support teams for assistance.

This move comes as the broader share market slid sharply after a rise in US bond yields, with CBA's shares falling by 1.74%.

Angus Sullivan, Group Executive Retail Banking at CBA, stated that each customer's circumstances are different and that the bank's teams are ready to provide support.