3rd November 2009

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

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