CBA raises fixed mortgage rates by 1.4pc

The Commonwealth Bank of Australia has raised its fixed mortgage rates by 1.4 per cent just days ahead of the next Reserve Bank board meeting.

The rate lift applies to both owner occupiers and investors for one to five-year loans, the bank announced on Thursday.

The bank's lowest fixed rate is now 4.99 per cent.

The CBA has also cut its lowest variable home loan rate by 0.15 percentage points, down to 2.79 per cent, but only for new customers with a 30 per cent deposit.

Other major banks are also expected to raise their rates and the Reserve Bank is expected to lift the cash rate further when it meets next Tuesday.