48 Percent of Lenders Lifting Their Rates Despite Reserve Bank Going Slow

‘43 of the 90 available lenders on the database have increased their variable rates since July,’ said Canstar financial expert Effie Zaho.

A man walks past a bank advertising home loans in Melbourne, Australia, on Feb. 7, 2023. William West/AFP via Getty Images

Half of Australia’s lenders are raising their variable home loan rates despite the official cash rate remaining unchanged since July, according to new market data.

The Reserve Bank of Australia (RBA) decided to keep the official cash rate at 4.1 percent in October, putting it on hold for four consecutive months.