Three major banks predict RBA rate hike next week
Commonwealth Bank joined Westpac and NAB in predicting the Reserve Bank will raise rates on September 29 to 4.6%, the highest in 15 years.
Commonwealth Bank shifted its outlook on Monday, becoming the third major bank to predict an RBA rate hike at next week's meeting. The bank's head of economics said factors building over recent weeks justified bringing forward the call from November.
ANZ remains the only major bank expecting the central bank to hold fire next week, though it also forecasts a rise in November. A hike to 4.6% would add $114 a month to repayments on a $750,000 mortgage.
Australians have already faced as many as three rate rises this year, totalling $454 monthly on that same loan.
- 4.6%
- Rate forecast
- 15 years
- Highest in
- $114
- Monthly mortgage increase
- Commonwealth Bank, Westpac, NAB
- Banks predicting hike
Why it mattersBorrowers need to prepare for tighter budgets and higher repayment costs if rates rise again; refinancing pressure will intensify.
AustraliaMortgage holders across Australia face immediate monthly repayment increases and deeper cost-of-living pressure if the RBA raises rates.
✓ Claims checked against the source and corrected before publish. checked 4 d ago
