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Commonwealth Bank announces massive hike to one of its interest rates

Australia’s biggest bank has announced a huge hike to one of its interest rates in a sign borrowers will continue to feel the pain.

Financial analysts are shocked at the size of Commonwealth Bank’s fixed rate hike of 1.40 percentage points for both owner-occupiers and investors that comes into force on Thursday.

“Today’s fixed rate hikes from Australia’s biggest bank are anything but typical. We haven’t seen one-off hikes of this size and scale from CBA in our records,” RateCity research director Sally Tindall said.

“The bank is responding to the rising cost of fixed-rate funding and a market that refuses to believe the RBA will stop hiking the cash rate at around 2.50 per cent.”

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