HOMEOWNERS will pay more on their mortgages after the Reserve Bank increased its cash rate for the first time this year.
The official cash rate was increased from 3.75 per cent to 4 per cent today.
The hike in the official rate will add about $50 a month to a $300,000, 25-year home, according to research company Canstar Cannex.
Read more about interest rates at news.com.au.
THE Reserve Bank board has surprised the market, and left home owners relieved, by leaving its official interest rate on hold today. The market had expected that the Reserve Bank would increase its rate by 25 basis points.
Read more about interest rates at news.com.au.
THE Reserve Bank board has increased its official interest rate from 3.25 per cent to 3.5 per cent.
It is the fourth time in a row the bank has altered rates on Melbourne Cup day.
Less than 15 minutes later, ANZ announced it had also raised its standard variable home loan rate by 0.25 per cent.
And by late afternoon Commonwealth Bank, NAB and Westpac had all increased their standard variable home loan rate by the same amount.
Read more about interest rates at news.com.au.
THE Reserve Bank has lifted its official interest rate by 25 basis points to 3.25 per cent.
This marks the first time since March 2008 that the central bank has lifted rates.
In response, Australia’s big four banks all said they are reviewing their standard variable mortgage interest rates.
A 25 basis point increase to the official rate adds about $45 a month to a $300,000, 25-year home, according to comparison website RateCity.
Read more about interest rates at news.com.au.
