Home Loan Interest Rates - October 2009

The Reserve Bank of Australia (RBA) raised official interest rates by 25 basis points to 3.25% unexpectedly. Australia is the first G-20 country to raise official interest rates.

Many economists had predicted no change in official interest rates this month. Tuesday's move is the first time the RBA has increased interest rates since March 2008, clear sign that Australian economy begins to recover.

As always the biggest question is will banks raise the rates only by 0.25% or more? (We should never expect they'll raise less or not at all, shouldn't we?) The earlier comments from the banks suggest that they will not raise more that RBA. Today's 25-basis-point rise will add $15 to the monthly repayment on every $100,000 of your mortgage.

Here at Rate Detective we will keep track of the major banks and lenders home loan interest rate rises to their customers and will provide the updates as soon as they appear.

Updated October 12, 2009:

ANZ first bank to lift rates following RBA rise. Others expected to follow suit shortly...

Company Current Standard Variable Rate, % Rate rise, % New Standard Variable Rate, % Effective from
Commonwealth Bank (CBA) 5.74 0.25 5.99 October 13
Westpac 5.81 0.25 6.06 October 12
ANZ 5.81 0.25 6.06 October 12
NAB 5.74 0.25 5.99 October 12
St George Bank 5.79 0.25 6.04 October 12
Bendigo & Adelaide Bank 5.90 0.25 6.15 October 13
BankWest 5.70 0.25 5.95 October 12
Suncorp 5.80 0.25 6.05 October 12
RAMS Home Loans 5.59 0.35 5.94 October 13
AMP Bank 5.89 0.25 6.14 October 12
ING Direct 5.69 0.25 5.94 October 12

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Published on October 10-th, 2009 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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