RBA cash rate increase


CHOICE calls on banks to hold mortgage rates

The people's watchdog CHOICE says that today's announcement by The RBA to raise the cash rate to 4.75 per cent, should not be an automatic green light for banks to increase mortgage rates.

Spokesperson for CHOICE, Christopher Zinn says given the banks claim a majority of their funds come from deposits or overseas, the current low cost of these is likely to outweigh the small increase the RBA has announced today.

"We would be naturally concerned if all the banks increased their mortgage rates by the same amount at the same time. If the equivalent happened in a horse race then there would be a steward's inquiry," says Zinn.

"This is a chance for banks to show they can be on the side of their customers as well as their shareholders."

Related articles

Related tags:
 
 

Banking

4 Oct 2013 |

How to cope with interest rate increases

Rates are on the rise again.

6 Apr 2010 | The RBA increased interest rates by 0.25% in April 2010.

 

Mortgage stress: your alternatives

Are tougher economic times squeezing your household budget? Know your options and rights if you're struggling to make mortgage repayments.

3 Feb 2009 | In this report, we explain a range of options available if you’re experiencing mortgage difficulties.

Top 5 fixed interest rate home loans compared

Fixed interest rates for home loans are currently at historical lows, but beware of the fees.

22 Apr 2014 | To take a fixed interest rate for all or part of your loan can protect you against rates going up.

 
 

Sign up to our free
e-Newsletter

Receive FREE email updates of our latest tests, consumer news and CHOICE marketing promotions.