Edmund Tadros - Journalist

Apr 06 2010 ∞

Reserve Bank hikes its official cash rate to 4.25pc

THE major banks have moved quickly to hike their standard variable home loan rates after the Reserve Bank raised its cash rate to 4.25 per cent today.

The Reserve Bank’s decision to hike by 25 points was another step towards “average” rates, the board said.

March 2, 2010: Reserve Bank increases its official cash rate to 4pc

HOMEOWNERS will pay more on their mortgages after the Reserve Bank increased its cash rate for the first time this year.

February 2, 2010: Reserve Bank keeps its interest rate on hold

THE Reserve Bank board has surprised the market, and left home owners relieved, by leaving its official interest rate on hold today.

Nov 03 2009 ∞

Reserve Bank hikes its interest rate

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.

Oct 06 2009 ∞

Reserve Bank lifts interest rates to 3.25 per cent

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.