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Australia's biggest bank unloads with its biggest ever rate hike

Australia’s largest bank has ended the fiscal year with a bang that will shake the foundations of many borrowers.

Commonwealth Bank of Australia's glass office tower building at Darling Harbour.
CBA is hitting fixed rate borrowers as it seemingly shifts its pitch towards variable rate mortgagees.

The era of rock-bottom interest rates has come to a screeching halt.

Australia’s largest bank has ended the fiscal year with a bang that will shake the foundations of many borrowers, and other banks were not far behind.

Commonwealth Bank (CBA) hiked fixed rates by a massive 1.40 percentage points for both owner-occupiers and investors on all fixed rate terms.

The following day, the other members of the Big Four made their moves to start the 2022-…