RBA raises interest rates by another 25 basis points
Posted November 4th, 2009
As feared by just about anyone with a mortgage in Australia our interest rates have once again been raised by another 25 basis points by the Reserve Bank.
Effective from, 4th November 2009 the rate hike will affect any Australian home owner with an outstanding mortgage debt.
Economic forecast is good:
The rate rise is yet another puzzle slot into place in the discussion about our rising economy and how we can benefit from it with increased job offers, hence having more money in the pocket. However, the rate rise defeats the efforts most of us make in saving the little surplus money we have.
A lot of talk is going on about China and its growth which has impacted Australia trade industries significantly. Many say the growth forecast is likely to stay strong well into the year 2010 and perhaps beyond.
Many Australians have shown confidence in our economy with many bills pushed forward to aid the population such as the much discussed Stimulus Packet.
But despite the good signs, we have to stay realistic and reality tells me that we are not over the hump just yet.
In the private sector investments have levelled out thanks to a lack of funds for capital, whereas inflation forecast is set to be consistent with the targets for next year.
Housing credit growth:
Rising property prices and a willingness to lend more money by banks have seen some recent growth in the market. However, there are still a lot of unapproved mortgages of which many are among larger type firms.
Overall, the signs are stable and promising but we still have to caution our wallets in order to come through this GFC unscathed, even if reports state we are over the hurdle.
Source: RBA
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 2.9% for 12 months | $99 | 21.74% |   |
St George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 12 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 9 months | $99 | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 | 21.49% | |
ANZ Frequent Flyer | An exclusive bonus points offer, Plus extended warranty, overseas travel and medical insurance,90 day purchase security insurance. | 19.74% | $95 | 20.99% | |
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