Australia’s Largest Bank Surprises Lending Market With Massive Fixed Rate Rises

Australia’s Largest Bank Surprises Lending Market With Massive Fixed Rate Rises
People walk past a branch of the Commonwealth Bank of Australia branch in Melbourne, on Aug. 11, 2021. William West/AFP via Getty Images
Alfred Bui
Updated:

Australia’s largest bank has suddenly raised its fixed interest rates for homeowners and investors by a massive 1.4 percent on June 30, a move that has surprised the lending market.

According to an analysis by the financial comparison website RateCity, the Commonwealth Bank of Australia (CBA) lifted its one-year fixed rates for owner-occupiers to 4.99 percent, up 2.90 percent from one year earlier.
Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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