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Tis official - another rate rise this morning.

Tis official - another rate rise this morning.

Old Nov 6th 2007, 9:40 pm
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Default Tis official - another rate rise this morning.

http://www.theage.com.au/news/busine...329265043.html
Official cash rate now at 6.75%, the highest in 11 years.
That will be another 50 bucks a month on the mortgage :-(

It won't stop there though, get ready for another 2 in the next year !
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Old Nov 6th 2007, 9:43 pm
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Default Re: Tis official - another rate rise this morning.

Originally Posted by @boy
http://www.theage.com.au/news/busine...329265043.html
Official cash rate now at 6.75%, the highest in 11 years.
That will be another 50 bucks a month on the mortgage :-(

It won't stop there though, get ready for another 2 in the next year !
Great news if you don't have a mortgage!
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Old Nov 6th 2007, 9:46 pm
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Default Re: Tis official - another rate rise this morning.

Originally Posted by Amazulu
Great news if you don't have a mortgage!
Excellent, Bankwest will be raising their savings account to 8.2% soon - Kerching!
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Old Nov 6th 2007, 9:49 pm
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Default Re: Tis official - another rate rise this morning.

Originally Posted by renth
Excellent, Bankwest will be raising their savings account to 8.2% soon - Kerching!
Great stuff. I hope they keep going up. Hopefully they will cause a house market crash and I can pick up some of the pieces when it's over.
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Old Nov 6th 2007, 10:47 pm
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Default Re: Tis official - another rate rise this morning.

Thank God we only have a small mortgage
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Old Nov 7th 2007, 3:47 am
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Default Re: Tis official - another rate rise this morning.

The recent rate rises in NZ certainly took the heat out of the market and I'm sure asking weren't as high as they would have otherwise been. I can see the same happening in Oz - may be more marked too because of additional expenses such as stamp duty.

We're in no hurry to buy anything, I think we're just going to invest our money, rent for a while and wait to see if prices come down. (The thought of no DIY for a few months really appeals )

As you say - good news for savers but rotten if you've got a mortgage.
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Old Nov 7th 2007, 4:02 am
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Default Re: Tis official - another rate rise this morning.

Great! Gosh it feels good to be without a mortgage for once and now to see the savings rate increase too. Whoopeee!
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Old Nov 7th 2007, 8:54 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by renth
Excellent, Bankwest will be raising their savings account to 8.2% soon - Kerching!
Ditto!


S
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Old Nov 7th 2007, 9:08 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by Swerv-o
Ditto!


S
Great. Hopefully it will stop people spending money they haven't got on plasmas (the buggers) etc and stuffing up the economy for the rest of us. It's one thing spending out of a recession....
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Old Nov 7th 2007, 9:32 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by BadgeIsBack
Great. Hopefully it will stop people spending money they haven't got on plasmas (the buggers) etc and stuffing up the economy for the rest of us. It's one thing spending out of a recession....

Yes, but looks at the rising cost of oil/petrol also. That will be a major inflationary pressure which the Reserve bank will have to take steps to deal with. I don't think we have seen the last rate rise by a long shot.


S
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Old Nov 7th 2007, 9:39 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by BadgeIsBack
Great. Hopefully it will stop people spending money they haven't got on plasmas (the buggers) etc and stuffing up the economy for the rest of us. It's one thing spending out of a recession....
Dont worry,

most people in uk who dont work have plasma's .....

I dont understand the phenomon.....(no dictionary sorry)
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Old Nov 7th 2007, 9:39 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by Swerv-o
Yes, but looks at the rising cost of oil/petrol also. That will be a major inflationary pressure which the Reserve bank will have to take steps to deal with. I don't think we have seen the last rate rise by a long shot.


S
Indeed. We could see rates go to 15pc or so - probably more- and we'd absorb them. We're fixed. I know people who refuse to fix figuring out the banks are always right and they'll win on the way down or by offset.

A mate overheard the Chief Economist for Westpac comment that all the rates are a cert yesterday at the cup.
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Old Nov 7th 2007, 9:42 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by BadgeIsBack
Indeed. We could see rates go to 15pc or so - probably more- and we'd absorb them. We're fixed. I know people who refuse to fix figuring out the banks are always right and they'll win on the way down or by offset.

A mate overheard the Chief Economist for Westpac comment that all the rates are a cert yesterday at the cup.
rates up, property prices down....

recession and market correction late 2008.... i reckon
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Old Nov 7th 2007, 9:43 am
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Default Re: Tis official - another rate rise this morning.

Originally Posted by Swerv-o
Yes, but looks at the rising cost of oil/petrol also. That will be a major inflationary pressure which the Reserve bank will have to take steps to deal with. I don't think we have seen the last rate rise by a long shot.
S
Absolutely correct, and you don't need to be an economist to realise that either although they agree on this view too in the following article from todays business section ;-)

RBA rate rise cycle may not be over
http://www.theaustralian.news.com.au...06-643,00.html

"We retain our view that there will be another 25 basis points rate hike on December 5, with a further move in the first half of 2008," Westpac chief economist Bill Evans said today.
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Old Nov 7th 2007, 7:52 pm
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Default Re: Tis official - another rate rise this morning.

Originally Posted by Nerine
The recent rate rises in NZ certainly took the heat out of the market and I'm sure asking weren't as high as they would have otherwise been. I can see the same happening in Oz - may be more marked too because of additional expenses such as stamp duty.

We're in no hurry to buy anything, I think we're just going to invest our money, rent for a while and wait to see if prices come down. (The thought of no DIY for a few months really appeals )

As you say - good news for savers but rotten if you've got a mortgage.
Surly your rent will just rise when your lease period is up due to rate rises? and the likelihood of house prices coming down is slim when is the last time this happened in Australia as I have only been here 2 years ?
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