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Variable rates to rise

By Staff Reporter
14 July 2009 | 1 minute read

Major banks are likely to increase their variable home mortgage rates regardless of any movement in official rates by the Reserve Bank of Australia (RBA), Loan Market Group executive director John Kolenda has claimed.

According to Kolenda, there is evidence to suggest the banks will not pass on part or all of any future RBA rate cuts.

“They are considering lifting their rates against the trend and out of cycle because they claim their cost of funds is increasing and they are not only paying more for wholesale rates but paying more on deposits, which is another key area of their funding,” Mr Kolenda said.

Mr Kolenda said there was a strong possibility that the banks would raise variable rates above the average fixed rate of 6.39 per cent within the next three to five years.

Variable rates to rise
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Enter your email to receive the latest real estate advice and tools to help you sell.