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Over the last few days most of the smaller banks and non bank lenders have followed the lead of Westpac by raising their rates well in excess of the December  RBA rate rise.

Its probably fair to say that many of the banks have Gail Kelly and Westpac to thank for leading the way and doing what the vast majority of them would never have dared to to do on their own.

Single handedly she has scored many Australian Bankers their bonus for the year by taking the lead and the heat whilst most of the others who raised their rates by similar levels have slipped quietly past without a murmur.

This rate rise was different to many of the past rate rises, instead of blanket changes by all the banks on the Tuesday as soon as the RBA announced their change, only Westpac announced changes on the Tuesday, the remainder of the big 4 banks announcing their rises 1-5 days after the RBA announcement and even now we are seeing smaller banks 10 days later announcing their changes.

A summary of the rate rises

• Westpac .45%
• Commonwealth Bank .37%
• National Australia Bank .25%
• HomeLoans Limited .25%
• ING .35%
• St George Bank .39% for most products .44% for Basic Home Loan Promotion
• Adelaide Bank .10% – aggressive pricing
• Suncorp .39%
• ANZ .35%
• AMP .30%

All you bankers should be raising your glasses to Gail this Christmas, after all she did help pay for the Bolly

Related posts:

1. Westpac races ahead as RBA increases rates by 25bps As expected the RBA raised the cash rate by 25bps...
2. Commonwealth Bank, Westpac and ANZ all raise variable rates Following on from the RBA .25% rate rise on Tuesday...
3. RBA raises Interest Rates – .25% At its monthly board meeting the Reserve Bank of Australia...

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