Australia’s NAB hikes home loan rate by 25 bps, matching central bank

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FILE PHOTO: The logo of the National Australia Bank is displayed in central Sydney

(Reuters) – National Australia Bank Ltd on Tuesday said it will hike its standard variable home loan interest rate by 25 basis points (bps) per annum from end of next week, matching the central bank’s rate hike from earlier in the day.

Australian banks thus far have moved in lockstep with the Reserve Bank of Australia (RBA) in raising interest rates, and similar hikes are expected from major lenders Commonwealth Bank of Australia, Westpac Banking Corp, and Australia and New Zealand Banking Group.

(Reporting by Sameer Manekar in Bengaluru; Editing by Dhanya Ann Thoppil)