Shadow assistant treasurer Andrew Leigh is surprised the nation's largest bank has followed the lead of a competitor and raised its home lending rates.
The Commonwealth Bank has raised its standard variable mortgage rate by 0.15 percentage points a week after Westpac increased its by 0.20 basis points, blaming new regulatory requirements implemented in response to the financial system inquiry.
"My advice to those customers who are troubled by this ... take advantage of Labor's abolition of mortgage exits fees and shop around and see if you can get a better deal," Dr Leigh told Sky News on Thursday.
Opposition Leader Bill Shorten described the rate increases as "nothing but a rip-off".
He said the banks see Treasurer Scott Morrison and Prime Minister Malcolm Turnbull as a soft touch and borrowers are paying the price.
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"Westpac and Commonwealth Bank customers have every right to be angry at their banks," Mr Shorten said in a statement.
