Australian Big Four Banks to Lift Variable Home Loan Rates

This combination of photos taken show the signs of the "big four" Australian banks in Sydney, Australia, on Nov. 30, 2017. Peter Parks/AFP via Getty Images

Australian homeowners with a mortgage will soon feel the effect of the Reserve Bank of Australia’s latest rate hike as the country’s big four banks are passing the increase on to customers in full.

ANZ, Commonwealth Bank of Australia (CBA), Westpac and National Australia Bank have announced that they will raise the variable rates of their home loan products by 0.5 percent for existing and new customers from the week commencing Aug. 8.