Explore the latest developments concerning Triple rate hike:.
Triple rate hike: Shock as Aus big bank delivers blow ahead of RBA
Homebuyers or owners looking to lock in a fixed loan have been hit with a massive jump today.
One of Australia’s biggest banks has delivered a brutal blow to homebuyers with the equivalent of a triple rate hike, adding hundreds to the cost of a typical fixed mortgage repayment.
The Commonwealth Bank, Australia’s largest, jacked up its fixed rates by up to 0.70 percentage points – the same as if the Reserve Bank hiked three times in a row.
The bank’s savage repricing saw its three-year fixed rate rocket from 5.34 per cent to 6.04 per cent, leaving borrowers who locked in earlier dodging a financial bullet.
Bank’s painful move for homeowners
Australia’s major home loan lenders are lifting their fixed rate offerings, in a grim sign for cash-strapped mortgage holders.
The Commonwealth Bank has lifted interest rates on its fixed home loans by up to 0.70 per cent, to make its lowest rate 5.79 per cent for two-years.
CBA is not alone in lifting interest rates with data from rate tracking site Canstar showing 34 lenders have hiked at least one fixed rate offering in the past month.
The lift in fixed interest rates come ahead of a forecast of interest rate hike in February.
The Reserve Bank of Australia next meets on February 2-3, with the CBA warning the official cash rate could rise from 3.60 per cent to 3.85 per cent.
VEVOR 6 Pack Buffet Chafing Dishes 3.8L Gastronorm Pans Steam Table Pans Tray Stainless Steel Food Container for Party BBQ
Unwelcome sign nasty interest rate shock is on the way
Property News: Suburbs where house values rose most in the past 12 months.
The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.
For more detailed information, explore updates concerning Triple rate hike:.
