Macquarie Bank first to pass on RBA interest rate rise: Commonwealth Bank ANZ NAB Westpac

Macquarie Bank is the first major Australian lender to pass on the new cash rate rise with its variable mortgages set to jump by 0.5 per cent.

The hike will be introduced next Friday, August 12, following the Reserve Bank of Australia’s 0.5 per cent increase on Tuesday – bringing the cash rate to a six-year high of 1.85 per cent.

The RBA’s fourth consecutive increase pushed the cash rate up from a three-year high of 1.35 per cent after inflation soared to 6.1 per cent in the June quarter.

While Australia’s big four were quick to pass on the pain in May, June and July – the Commonwealth Bank, ANZ, NAB and Westpac – are yet to announce whether they will raise rates for mortgage holders.