30 minutes prior to the running of the Melbourne Cup the Reserve Bank of Australia announced an increase to the Official Interest Rate of 0.25% p.a.
Within 10 minutes ANZ announced it would be passing on the full rate increase to borrowers with CBA, NAB, Westpac and St George following suit soon after.
This increase in Interest Rate comes as no surprise to borrowers as all forms of the media has been warning of a 0.25% p.a. – 0.50% p.a. rise for several weeks.
The big question is …
WHEN WILL INTEREST RATE STOP RISING ???
Whilst many economists are hesitant to make a prediction at this time, one experience economist (Noel Whittaker) has stated that we should expect interest rates to rise by up to 1.5% p.a. by the end of 2010.
Listed below are the Banks / Lenders who have already announced when they will be increasing their Variable Interest Rates.
BANK / LENDER: RATE INCREASE: EFFECTIVE:
ANZ 0.25% p.a. 9/11/2009
CBA 0.25% p.a. 9/11/2009
NAB 0.25% p.a. 6/11/2009
Westpac 0.25% p.a. 6/11/2009
St George 0.25% p.a. 6/11/2009
ING 0.25% p.a. 6/11/2009
AMP 0.25% p.a. 7/11/2009
Bendigo 0.25% p.a. 9/11/2009
Macquarie 0.25% p.a. 6/11/2009
Heritage 0.25% p.a. 11/11/2009
Bank West 0.25% p.a. 6/11/2009
Bank of Qld 0.25% p.a. 6/11/2009
Homeside 0.25% p.a. 6/11/2009
Firstmac 0.25% p.a. 6/11/2009
Rams 0.25% p.a. 10/11/2009
Citibank 0.25% p.a. 11/11/2009
