The Reserve Bank Board has increased the Official Cash Rate by 0.25%.
This marks the first rate increase by the RBA since November 2010 and was widely anticipated within the finance industry.
The speed to which the Australian economy is bouncing back following the cessation of COVID lockdowns and restrictions, combined with higher fuel prices incurred due to the war in Ukraine, have resulted in higher than expected inflation figures which has forced the RBA to act.
The “Big Question” is …
Will your bank pass on the 0.25% rate increase or take the opportunity to increase their profit margins with higher rate increases ???
If you are not happy with your bank’s response please do not hesitate to contact our Mortgage Specialists to discuss your options.