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|
|St George Bank||5.79||0.25||6.04||October 12|
|Bendigo & Adelaide Bank||5.90||0.25||6.15||October 13|
|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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