Biggest Rise From Biggest Bank
Sydney Morning Herald
11 March 2008
Danny John
HOMEBUYERS with mortgages with the country's biggest bank yesterday faced the largest interest rate increase of the current cycle when the Commonwealth Bank raised its standard variable rate by 0.35 percentage points to 9.32 per cent.
The Commonwealth's move is 10 basis points higher than the 0.25-percentage-point rise in the official rate imposed by the Reserve Bank last week. It raised the bank's mortgage rates above those of its competitors the National Australia Bank and Westpac, both of which went further than the Reserve, at 0.29 percentage points and 0.3 percentage points respectively. The Commonwealth defended its increase by saying it was absorbing more of its higher costs than were being passed on to its customers.Bye, bye buyback - Page 19
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