17 November 2010
When the Reserve Bank of Australia increased cash rates by 0.25% on Melbourne Cup Day 2 November the Commonwealth Bank immediately responded by increasing its standard loan rates by 0.45% to the fury of Australians everywhere. ING Direct responded by immediately offering $1,000 to anyone who refinanced their mortgage through them before 30 June 2011 if you registerd by 30 November 2010. The remaining banks waited for the furore to die down before announcing that they too were increasing rates by greater than the RBA 0.25%. Here are the rate increases by the Big Four Banks and ING Direct.