Interest rate change Tuesday 1st December 2009
The Reserve Bank of Australia increased its base Interest rates by 0.25% on 1st December 2009.
The new Base rate is now 3.75%
Mortgage rates are normally based on that RBA Base rate, with a margin added.
Expected Bank standard variable Mortgage Loan rates will now be:
- 6.49% NAB has confirmed a 0.25 rise
- 6.49% CBA
- 6.56% ANZ
- 6.76% Westpac has confirmed a 0.45 rise
The above is based on last months rates, November 2009, when the RBA Base rate was 3.5%, of the main Four banks which were:
- 6.24% NAB
- 6.24% CBA
- 6.31% ANZ
- 6.31% Westpac
The statement by Glenn Stevens, RBA governor explained the base reason for this increase.
Full details at: www.rba.gov.au/MediaReleases/2009/mr-09-28.html
RBA Rate Source: www.rba.gov.au