The Reserve Bank has raised interest rates by 25 basis points, from a historic low of 0.1 percent, to 0.35 percent. This decision will have far-reaching implications for the entire Australian community.
It's the first rate hike in eleven years - but those affected didn't take long to feel the implications.
If passed in full to the customer - a 0.25 percent interest rate increase would add $65 per month to an average loan of $500.00, or $130 per month for a single loan. million dollar loan.
And Commonwealth Bank and ANZ have announced that it will apply to their customers.
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