Big banks hike rates days from RBA decision

Two of Australia’s big four hiked rates Thursday ahead of the Reserve Bank’s September meeting. Australia’s biggest banks have quietly jacked up interest rates just days from a crucial Reserve Bank move. This as Canstar.com.au data insights director Sally Tindall warned “the big question at this stage is not if the RBA will hike again, but when” – with latest rate moves by banks a clear sign they’re now bracing for impact. The latest update as at Thursday September 17. Source: Canstar In a terrifying signal that the inflation nightmare is far from over, both NAB and ANZ have today hiked fixed home loan rates by up to 0.20 percentage points. The sudden moves push NAB and ANZ’s lowest advertised fixed rates to a punishing 6.49 per cent, joining banking giants ING and Macquarie in tightening the screws on borrowing this month. ING hiked its fixed rates by 0.20 percentage points on Wednesday, while Macquarie hiked last week – both now have their lowest at 6.39 per cent. So far nine banks have hiked fixed rates in September as panic builds over what the RBA will do next – with all the big four including CBA and Westpac united in forecasting that the next cash rate move will be up, and t...