LOANS NEWS AND GUIDES

Australia’s largest mortgage lender Commonwealth Bank of Australia (CBA) has raised interest rates on its fixed rate mortgages, pre-empting the first tightening in official interest rates expected by the Reserve Bank of Australia before the year is out. On Monday, CBA announced that it would be increasing fixed interest rate mortgages by 50 basis points to 6.19 per cent. It also said it would raise the rate on two year fixed rate home loans by 30 basis points to 6.84 per cent. CBA’s three year fixed rate mortgage rate will now cost 7.29 per cent, an increase of 15 basis points, whilst home loans with a five year term will be 10 basis points more expensive and cost 7.69 per cent. CBA has been considering hiking fixed mortgage rates for the last two weeks, with the lenders interest rate committee voting on Monday to implement rate increases. Last month rival Westpac also raised interest rates on its fixed rate home loans

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CBA Raises Fixed Rate Mortgage Interest Rates