Banks raising Interest Rates April 2009
Apr 20th 2009, 9:37 am
#1
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Banks raising Interest Rates April 2009
20th Aril 2009 - Banks raise Interest Rates
CBA are raising their 7 year Fixed Interest rates to 7.24%.
Westpac have already announced Fixed Interest rate rises.
If you are wanting to switch to fixed rates, they seem to be now turning upwards again...
CBA are raising their 7 year Fixed Interest rates to 7.24%.
Westpac have already announced Fixed Interest rate rises.
If you are wanting to switch to fixed rates, they seem to be now turning upwards again...
Apr 20th 2009, 11:39 am
#2
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Joined: Nov 2003
Location: Lower Chittering, Perth
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Re: Banks raising Interest Rates April 2009
Westpacs 3 year rate has increased from 5.39 to 5.79!!
Apr 21st 2009, 4:05 am
#4
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Joined: May 2004
Location: Umina, NSW
Posts: 2,453
Re: Banks raising Interest Rates April 2009
NOOOOOOOO just checked out Newcastle perm who my fixed is with and they are offering some bloody good deals at mo including a 10 year fixed at 6.52%........doulbly arrrrggggghhhhhh
Jo
Last edited by joho; Apr 21st 2009 at 4:08 am.
Apr 21st 2009, 4:41 am
#5
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Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: Banks raising Interest Rates April 2009
For anyone who is interested in this kind of thing, the following chart updates daily:
http://www.asx.com.au/data/trt/ib_ex...urve_graph.pdf
http://www.asx.com.au/data/trt/ib_ex...urve_graph.pdf
Apr 21st 2009, 5:40 am
#6
Joined: Jun 2006
Posts: 4,555
Re: Banks raising Interest Rates April 2009
What do they know that we do not or is it wholesale money rates?
Apr 21st 2009, 5:50 am
#7
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Re: Banks raising Interest Rates April 2009
Umm, I did think we all knew that these low rates would not last.... 
Looking at rates since 1989, the average Standard Variable Mortgage rate for the last 20 years has been 9.12% !!
By the law of averages, it has to rise again at some stage, and probably not to far in the future.
It would interesting to see what happened to rates after the last recession type periods.
Looking at rates since 1989, the average Standard Variable Mortgage rate for the last 20 years has been 9.12% !!
By the law of averages, it has to rise again at some stage, and probably not to far in the future.
It would interesting to see what happened to rates after the last recession type periods.
Apr 21st 2009, 6:22 am
#8
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Joined: Mar 2006
Location: Pewf Baby !
Posts: 405
Re: Banks raising Interest Rates April 2009
Does anyone have any experience with HSBC mortgaes
Im thinking of going to this . I know they dont generally check UK credit but would these guys since they are global ? Cheers
http://www.hsbc.com.au/1/2/fiftiesra...0sratehpsm0409
Im thinking of going to this . I know they dont generally check UK credit but would these guys since they are global ? Cheers
http://www.hsbc.com.au/1/2/fiftiesra...0sratehpsm0409
Apr 21st 2009, 10:00 am
#9
Joined: Jun 2006
Posts: 4,555
Re: Banks raising Interest Rates April 2009
http://www.rba.gov.au/ChartPack/inte..._australia.pdf
Look at page 4 and you will see an initial drop in rates like we have just had. That fuelled a housing boom that crashed when rates went up in the recession "we had to have". The difference between then and now is the the recession has already hit now(according to the RBA) and unemployment is showing sharp increases.
The stimulus packages do have a downside. Whilst necessary to prevent a freefall now, the money has to be repaid and the effect will be inflationary. The choices down the track are to raise taxes (with the affect on the economy) or cut services (with the associated cut in GDP). The inflationary effect will reduce the ability of the RBA to keep rates low.
Look at page 4 and you will see an initial drop in rates like we have just had. That fuelled a housing boom that crashed when rates went up in the recession "we had to have". The difference between then and now is the the recession has already hit now(according to the RBA) and unemployment is showing sharp increases.
The stimulus packages do have a downside. Whilst necessary to prevent a freefall now, the money has to be repaid and the effect will be inflationary. The choices down the track are to raise taxes (with the affect on the economy) or cut services (with the associated cut in GDP). The inflationary effect will reduce the ability of the RBA to keep rates low.
Umm, I did think we all knew that these low rates would not last....
Looking at rates since 1989, the average Standard Variable Mortgage rate for the last 20 years has been 9.12% !!
By the law of averages, it has to rise again at some stage, and probably not to far in the future.
It would interesting to see what happened to rates after the last recession type periods.
Looking at rates since 1989, the average Standard Variable Mortgage rate for the last 20 years has been 9.12% !!
By the law of averages, it has to rise again at some stage, and probably not to far in the future.
It would interesting to see what happened to rates after the last recession type periods.
Apr 21st 2009, 10:48 am
#10
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Joined: Jul 2005
Location: UK 2 Singapore 2 Sydney 2 Brisbane.....here to stay!
Posts: 1,307
Re: Banks raising Interest Rates April 2009
BUMMER......I was waiting.....waiting.....waiting. Looks like I've missed the bottom of the rates!
Rudi
Rudi
Apr 21st 2009, 11:07 am
#11
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Joined: Jun 2008
Posts: 95
Re: Banks raising Interest Rates April 2009
Nah not yet... Swan is busy with the banks to force them to lower their interest rates. It's criminal if they don't...
Apr 21st 2009, 10:10 pm
#12
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Posts: n/a
Re: Banks raising Interest Rates April 2009
Some banks haven't even changed their fixed rates yet.... will any of them drop further or are all fixed rate movements going to be up ? Who knows.
Apr 21st 2009, 11:58 pm
#14
Joined: Jun 2006
Posts: 4,555
Re: Banks raising Interest Rates April 2009
Looks like everyone wants to borrow. Not much fact in the article though so would take it with a pinch of salt. Higher government borrowing does normally require higher interest rates.
Apr 22nd 2009, 12:14 am
#15
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Re: Banks raising Interest Rates April 2009
I didn't see the NAB rate increase before reading that article...
But it now appears that cheaper long-term deals, extending from fixed monthly payments for 12 months to as far out as 10 and 15 years, have now bottomed out with prices heading up again.
The first to move was the National Australia Bank last week, which added 0.2 of a percentage point (20 basis points) to its two- and three-year fixed mortgages.
NAB was followed on Monday by Commonwealth Bank and Westpac, the country's two largest lenders, who raised some of their fixed rates by as much as 45 basis points.
The first to move was the National Australia Bank last week, which added 0.2 of a percentage point (20 basis points) to its two- and three-year fixed mortgages.
NAB was followed on Monday by Commonwealth Bank and Westpac, the country's two largest lenders, who raised some of their fixed rates by as much as 45 basis points.