The Bulletin
LayBys
.

Local News

Pain for homeowners as Reserve Bank announces interest rate hike




Australian home borrowers have copped an historic sixth consecutive monthly interest rate rise to tackle the worst inflation in more than three decades.

The Daily Mail Australia reports the Reserve Bank of Australia increased the cash rate by 0.25 percentage points on Tuesday, taking it to a nine-year high of 2.6 per cent.

The move surprised financial markets and economists who had expected another bigger, 'super-sized' 0.5 percentage point rise.

But borrowers have been given a glimmer of hope as soaring mortgage rates finally started to stabilise.

The Daily Mail reported brokers saying the market was showing signs of cooling as home loans crept up by a modest 0.01 of a percentage point, while the average five-year deal dipped from its previous high.

It comes after nearly three weeks of mortgage mayhem as deals disappeared overnight so lenders could reprice them to reflect future interest rate rises. 

Read the full report here.

The Bulletin Magazine

30 Australian Recycling Statistics

Recycling has grown to become a very significant part of the Australian economy. With its growth, it's important that all family households unders...

The Bulletin - avatar The Bulletin

Why Does My Dog Back Away When I Try to Pet Him?

When you try to pet your dog, does he back away from you? Many dog owners encounter this and then they wonder why their dog is behaving this way. ...

The Bulletin - avatar The Bulletin

Qualities That You Should Look For When Hiring A Law Firm In Sydney

Did you know that Australia has over 70,000 solicitors practicing law? With so many possibilities, it's critical to select the best Sydney legal f...

The Bulletin - avatar The Bulletin