Australia’s NAB hikes home loan rates by 25 bps after central bank move
2022.10.04 01:35
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© Reuters. FILE PHOTO: The logo of National Australia Bank is displayed outside the firm’s headquarters in central Sydney, Australia, Aug.4, 2017. REUTERS/David Gray
(Reuters) – National Australia Bank (OTC:) will raise home loan rates by 0.25% per annum, the lender said on Tuesday, shortly after the central bank decided to impose a 25-basis-point hike to the benchmark lending rate.
Australian banks have mirrored the Reserve Bank of Australia (RBA) in its interest rate hiking cycle thus far, and similar hikes are expected from major lenders Commonwealth Bank of Australia (OTC:), Westpac Banking (NYSE:) Corp and Australia and New Zealand Banking Group.
Wrapping up its October policy meeting on Tuesday, the RBA raised its cash rate to a nine-year peak of 2.60%, the sixth hike in as many months which included four outsized moves of 50 basis points.
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