It is predicted that tomorrow will see another increase in the official interest rates (likely 25 basis points) after RBA staff members have put the market "on notice"over the last week.
What does this mean for borrowers? Bad News. It is likely that the banks will increase variable rates by more than 25 basis points as they seek to maintain their profit margins amid higher funding costs of their own.
If the banks added an additional 15 basis points, a combined increase then of 40 basis points would add an additional $78 per month on a $300,000 25 year loan.
No comments:
Post a Comment