Significant interest rate increases last month and their implications
It is important to note that some banks have increased interest rates last month as listed below.
- Westpac – 0.14% (variable rate loans)
- Suncorp – 0.17% (variable rate loans)
- Adelaide Bank – 0.12% to 0.40% (owner-occupied and investment loans)
- ANZ – 0.16% (variable owner-occupied and investment loans)
- CBA – 0.15% (variable rate loans)
If your lender is one of the banks above and you have a variable mortgage, your repayments will also increase proportionately to the rate increase. Your options could be to refinance or switch to a fixed rate mortgage.
With experts predicting RBA cash rate to increase in the near future, we might be looking at more rate increases in the horizon so it’s best to consider your options even if your lender is not one of the institutions listed above.
Sourced from eChoice.