Friday, October 2, 2009

Experts tip two consecutive rate rises coming up

Next week, the Reserve Bank will meet to decide the fate of interest rates for October. The experts are tipping that the interest rate will remain the same next week but will rise in both November and December. Assuming a home loan of $300,000, every 25 basis points that the interest rate increases on a 25 year mortgage will increase the monthly repayment by $40.

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