Borrowers should brace themselves for a rise in mortgage rates following the shock move by the Reserve Bank of Australia (RBA) to lift the cash rate by 25 basis points to 4.75 per cent today.
The Commonwealth Bank is the first of the majors to announce its move, lifting its standard variable rate by 45 basis points – 20 basis points more than the RBA.
All of the major banks have warned borrowers to expect higher interest rates in recent weeks, regardless of the RBA’s official changes as a result of increasing funding pressures.
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