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Big four banks pass on full rate rise from Friday 13 November

Home loan repayments are set to go up for millions of borrowers.

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Australia's four biggest banks will pass on the latest interest rate rise in full, Canstar reported. The banks are Commonwealth Bank (CBA), Westpac, ANZ and NAB. Canstar said their variable home loan rates will go up by 0.25 percentage points from Friday 13 November. The Reserve Bank of Australia (RBA) raised the cash rate on Tuesday. Banks often follow with their own changes. After the rise, Westpac will have the lowest variable rate of the four at 6.49%, Canstar said. realestate.com.au estimated the change will add about $77 a month to repayments on a $500,000 loan. Savings.com.au also reported how each bank responded. A variable rate can move up or down over the life of a loan. That means many households will have less money left over each month. It is not yet known whether the RBA will raise rates again.