The Commonwealth Bank and ANZ Bank will pass on the full value of the Reserve Bank’s increase in interest rates to mortgage customers as the era of ultra-cheap home loans comes to an end.
“This is an important time to support customers as some may not have experienced an interest rate increase since they took out their loans,” Sullivan said. ANZ’s group executive for Australian retail, Maile Carnegie, highlighted the large number of borrowers who were ahead of their minimum repayments, alongside the very high level of household deposits amassed in recent years.
Explaining Tuesday’s rate rise, RBA governor Philip Lowe highlighted the strength in the labour market and argued wage growth was picking up, which made it appropriate to withdraw some of the extraordinary support provided during the pandemic.
clancyyeates Reference:
clancyyeates Surely you jest? 2.25% for an 18-month TD at CWB? The only special I see on their website is .30 for 12 months.
clancyyeates 'Value'? How about for savings?
clancyyeates on Morrison watch the aus int rate went up auspol AusVotes2022 politas having lived through interest rate hike with a liberal gov,, They offered no help or empathy a LIBERAL mp told me to get a job. New born baby no child care AlboForPM who cares
DazzaWhitmey clancyyeates How long before the interest on my billion dollar nest egg goes up?
clancyyeates Wouldn't it be great if these announcements ie lifts in rates only applied to new lends from whatever date and not passed onto every variable rate loan in the Banks books
clancyyeates Surprise surprise. Couldn't cut the full amount, but they sure can pass on the full amount when the rate goes up.
clancyyeates Australians will be forced out of their homes due to high interest rates and insurance due to Scotts policies. Scotts, LNPs 20yrs of stymying/blocking renewable energy thats going down, Scotts fossil fuels which go higher every day contributing to high interest rates & insurance
clancyyeates Sickening lol
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