Australia’s largest bank, Commonwealth Bank of Australia (CBA), announced today that it is raising the rate on its Wealth Package home loan for new customers with substantial deposits.
This move is the bank’s fourth rate increase for new customers in the past three months, in addition to the standard hikes by the Reserve Bank of Australia (RBA).
The latest rate adjustment adds 0.1 percentage points to the Wealth Package home loan rate for new customers, leading to a total increase of 0.82 percentage points since March 1, 2023.
Existing customers have experienced a rise of 0.5 percentage points, leaving new customers with an additional 0.32-percentage-point increase.