The big 4 banks in Australia have all followed the RBA and raised their mortgage rates by a further 25 pts. Official base rates are now at 4% Homeowners will be pleased to hear that all of the banks have restricted their increase to match the RBA rather than adding on additional profit margin as they did late last year a move that generated wide spread criticism.
Economists warn that further rate rises are inevitable and homebuyers or those seeing to drawdown to release equity should factor this in when budgeting their mortgage repayments.
Tags: mortgage
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