Banks 'very quick to raise rates, not very quick to cut them'

New South Wales Premier Dominic Perrottet has hammered the large banks over persevering with to move on rate of interest rises to customers.

On a $500,000 mortgage over 30 years, yesterday’s hike will imply the typical borrower might want to discover a further $81 to service their month-to-month repayments.

NSW Premier Dominic Perrottet has criticised the large banks for passing on rate of interest rises. (9News)

ANZ and NAB have already mentioned they may move on the speed rise for purchasers from February 17.

But Perrottet criticised the swiftness of the choice.

“What we’ve seen over the last period of time is, every time the Reserve Bank increases rates, the banks are very quick to raise rates on their customers,” he instructed Today.

“During some of the darkest days in the pandemic, when the Reserve Bank was cutting rates, only on one occasion did the banks pass that rate cut on in full.

“They’re very fast to boost charges, however not very fast to chop them.”

Perrottet said NSW residents were under pressure, with family budgets being stretched thin.

He called on banks to look after their customers – and on the federal government to intervene and cut “purple tape and regulation”.

“They’re those that run the economics of the nation,” he mentioned.