Offical interest rates rise, banks follow

RBA Governor Glenn Stevens said the basis for cutting the cash rate so quickly had now passed. On Tuesday the 6th October 2009 the Reserve Bank of Australia increased the overnight cash rate by 25 basis points to 3.25 per cent, this marked its first monetary policy tightening since March 2008 The average home loan borrower faces a $45 increase on their monthly mortgage repayment after the Reserve Bank of Australia (RBA) raised its cash rate for the first time in 19 months. The central bank raised the cash rate by 25 basis points to 3.25 per cent following its monthly board meeting on Tuesday. A majority of economists had expected the RBA to leave the rate at its “emergency” level of 3.0 per cent for at least another month. The bank cut the rate by 425 basis points between September 2008 and April 2009 in the heat of the global economic downturn. “With growth likely to be close to trend over the year ahead, inflation close to target and the risk of serious economic contraction in Australia now having passed, the board’s view is that it is now prudent to begin gradually lessening the stimulus provided by monetary policy,” he said in a statement. “This will work to increase the sustainability of growth in economic activity and keep inflation consistent with the target over the years ahead.” AMP Banking's standard variable home loan rate will rise to 6.14 per cent St George said on Friday its standard variable home loan interest rate will increase to 6.04 per cent per annum. ANZ announced it would lift its variable mortgage interest rate by 25 basis points from Monday October 12. ANZ's standard variable home loan rate will rise to 6.06 per cent, from 5.81 per cent. NAB also said its standard variable rate would increase by 25 basis points to 5.99 per cent. rates


Price $ to $	Type
Bedrooms Studio 1 2 3 4+	Area to sqm
Bathrooms 1+ 1.5+ 2+ 3+	Parking 0 1 2+

Offical interest rates rise, banks follow

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