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Triple rate hike: Shock as Aus big bank delivers blow ahead of RBA
Homebuyers or owners looking to lock in a fixed loan have been hit with a massive jump today.
One of Australia’s biggest banks has delivered a brutal blow to homebuyers with the equivalent of a triple rate hike, adding hundreds to the cost of a typical mortgage repayment.
The Commonwealth Bank, Australia’s largest, jacked up its fixed rates by up to 0.70 percentage points – the same as if the Reserve Bank hiked three times in a row.
The bank’s savage repricing saw its three-year fixed rate rocket 0.70 points from 5.34 per cent to 6.04 per cent, leaving borrowers who locked in earlier dodging a financial bullet.
Bank’s painful move for homeowners
Commonwealth Bank has lifted interest rates on its fixed home loans in response to the Reserve Bank’s expected decision to raise the cash rate.
Commonwealth (CBA) and NAB are expecting the Reserve Bank of Australia (RBA) to increase the cash rate at some point in early 2026 after last year ended with inflation back on the rise after a series of cuts.
CBA is expecting the cash rate to hit 3.85 per cent by the end of the year.
The bank has lifted its fixed rates for both owner occupier and investment mortgages.
Three-year fixed rates have jumped the most, with a lift of 0.7 per cent to 6.19 per cent for owner occupiers and 0.6 per cent to 6.24 per cent for investors.
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Robust jobs market risks adding fuel to inflation fire
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Borrowers are expected to face higher interest rates in 2026 as fresh data shows the jobs market remains resilient and likely to keep upward pressure on inflation.
Employers are still adding thousands of new jobs, while annual wage growth eased slightly from 3.2 per cent in November to 3.1 per cent in December, according to Commonwealth Bank's new monthly employment report.
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