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The big four major banks announced last week that they would be passing on the Reserve Bank of Australia’s March rate hike of 25 bps (now at 3.6 per cent). All four have increased variable home loan rates by 0.25 per cent per annum (p.a.).
On the heels of those announcements, a slew of non-major banks followed suit with the changes.
AMP Bank, Bendigo Bank, ING Bank Australia, Macquarie Bank, RACQ Bank, and Suncorp Bank have all confirmed they would be lifting interest rates for variable home loans by 0.25 per cent p.a.
Customers with AMP Bank will see the changes come into effect as of 10 March for existing customers and 13 March for new customers. For ING, the changes will be effective as of 14 March, 17 March for Bendigo and Suncorp customers, 21 March for RACQ, and 22 March for Macquarie Bank customers.
AMP Bank will be lifting interest rates on its Saver Account variable deposit bonus by 0.50 p.a. (effective 1 May 2023), 0.80 per cent p.a. for new AMP SuperEdge Saver customers (effective 20 March 2023), and 0.25 per cent p.a. on AMP Notice products as of 13 March 2023.
Bendigo Bank will be increasing rates on its Reward Saver deposit products by 0.25 per cent p.a.
ING announced it will increase interest rates for its term deposit products including the seven-month term deposit by 0.30 per cent to 4.1 per cent and 0.25 per cent to 4.4 per cent for its one-year term deposit for customers opening or rolling over from the effective date.
Macquarie Bank’s saving account welcome rate has increased to 4.65 per cent p.a. for new customers for the first four months on balances up to $250,000 as of 11 March and ongoing interest rate customers who earn both their savings and everyday transaction accounts will increase to 4 per cent p.a. on balances up to $250,000 as of 22 March.
RACQ Bank will lift its Green Home Loan rates to 1.79 per cent p.a., 0.25 per cent p.a. on selected savings accounts, and 0.60 per cent p.a. on term deposits as of 21 March.
Suncorp announced that for every $100,000 of loan balance remaining on a customer’s 25-year variable loan, their monthly repayments will increase by around $14.
[RELATED: Banks pass on RBA’s March rate hike]