Commonwealth Bank's three friends have left standing alone in Bank wilderness after increasing their standard variable rates by 0.45% to 7.81% after the RBA increased the cash rate by only 0.25%. Currently, the three banks that have left their standard variable rates unchanged are
- Westpac is 7.51%
- ANZ is at 7.41%
- NAB's is at 7.24%
Commonwealth Bank has had to bring in 40 extra staff to the Home Loans division in order to cope with the massive spike in customer enquiries with people wanting to switch to another bank following the interest rate hike. It has been reported that customers are waiting up to 10 days for assistance with their home loans.
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