Thursday, February 14, 2008

3 Rate Rises in 3 Months

"HOMEOWNERS are staring at the prospect of two more interest rate rises after the Reserve Bank delivered its bluntest warning on inflation."
- heraldsun.com.au

I had a look at our loan account just now.

When we bought our home in Oct 07, the rate offered by our lender was 7.4%.

In Dec, it went up to 7.65%.

In Jan this year, 7.8%.

We have just received another "Your minimum repayment is changing" notice.

Due to the recent rate rise announced by the Reserve Bank of Australia, our variable rate is now 8.05%.

*Ouch*

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