The “Big Four” bank has announced a forthcoming increase of 0.30 percent on all fixed-rate home loan products, which will be implemented starting Friday.

As a result, interest rates will rise to as much as 7.19 percent for owner-occupiers and 7.04 percent for investors.

This adjustment will impact both new and existing customers, including those with applications that are currently being processed.

A spokesperson for Commonwealth Bank explained that the rate hike is a response to “broader funding and market conditions.”

“As Australia’s largest lender, we strive to provide a variety of home loan options tailored to the diverse needs of our customers,” the spokesperson stated.

Currently, fixed-rate lending constitutes a minor portion of Commonwealth Bank’s new home loan offerings.

Those changes will also come into effect this Friday. 

“We recognise interest rate changes can put additional pressure on household budgets and influence how people plan and manage their finances,” CBA group executive Angus Sullivan said at the time. 

“We don’t want to have a recession, but if it’s hard to get inflation down, then we’re going to have to deal with that, possibly,” she said.

The cash rate currently sits at 4.10 per cent, just 0.25 per cent below the 2024 peak.

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