Resources: Market Update
November 2009
BIG FOUR MOVE ON RBA DECISION
Posted 06/11/09
As expected the RBA lifted rates by 0.25% for the second consecutive month, raising the official cash rate to 3.5%.
ANZ, CBA, NAB & Westpac, which control approximately 85% per cent of the home loan market wasted no time in passing on the Reserve Bank's 0.25% increase.
The ANZ was first off the mark raising their standard variable rate to 6.31% with the CBA following shortly after increasing their variable home loan rate to 6.24%. These increases will become effective Monday November 9.
The NAB standard variable rate increased to 6.24% whilst Westpac increased its variable rate to 6.31%. Both rate increases will take effect on Friday November 6.
The RBA increased the cash rate noting that Australia's economic conditions were stronger than expected.
