Australia’s major banks respond to the rate hike and explain what it means


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AUSTRALIA NEWS - The Reserve Bank of Australia (RBA) raised the country's official cash rate for the first time in more than 11 years, and three of the country's four largest banks have already passed the rate hike to clients.

This increase means that the average repayment for a landlord holding $500,000 in debt and 25 years remaining on their mortgage would see their repayments increase by about $65 per month.

In this context, Reserve Bank of Australia Governor Dr. Philip Lowe emphasized the role of the central bank in controlling inflation.

The Commonwealth Bank of Australia announced Tuesday night that it will begin raising interest rates for its customers, increasing the floating rate on home loans by 0.25 percent annually, and this change will take effect on May 20.

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The ANZ Group will also increase interest rates on home loans by 0.25 percent from May 13.

Westpac also raised its floating rate on home loans by 0.25% for new and existing customers.

This morning's NAB increased the standard variable home loan by 0.25 percent to 4.77 percent and increased the saver's bonus interest rate by 0.25 percent.

  • Read also: What about reopening the Australian embassy in Kyiv?

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