Tuesday, October 6, 2009

Second blow to First Home Buyers - Interest Rates up

Only six days after the first homebuyers grant was cut by $7000, the Reserve Bank of Australia has announced today an increase in the official cash rate by 25 basis points to 3.25%, which will increase household repayments by $40 a month assuming a $300,000 home loan.

The Aussie dollar is up to US$0.884 this afternoon in response to the news.

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