Regulatory changes on capital requirements has seen the National Australia Bank lift its variable mortgage rate by 17 basis points today,following CBA’s rise yesterday of 15 basis points. It follows Westpac’s raising by 20 basis points last week.
The change applies only to the four major banks (ANZ, CBA, NAB and Westpac) and Macquarie Bank. ANZ and Macquarie have yet to announce whether they will raise their rates.
This allows the smaller banks, building societies and credit unions able to compete against the big four. The winners are the consumers who can benefit by switching to one of the many credit unions and building societies who are actively promoting products and choice for consumers.