Lenders raise home loan rates after RBA hike

Some of Australia’s major lenders have increased interest rates on their mortgages following the Reserve Bank’s (RBA) latest hike.

The RBA opted to raise the official cash rate by 25 basis points to 4.5 per cent today (May 4th) – a move which Canstar Cannex has predicted will add about $50 a month to a $300,000, 25-year home loan.

A report by news.com.au notes that the Commonwealth Bank was first to follow the RBA by lifting its standard variable rate by 25 basis points from 7.11 per cent to 7.36 per cent.

The report, which may interest Aussies who wish to compare home loans, also observed that NAB has hiked its variable home loan rates by 25 basis points to 7.24 per cent.

Meanwhile, Westpac raised interest rates on its variable home loans to 7.51 per cent on May 7th.

Recent research by Australian Property Monitors found that the country’s median house price rose three per cent in the first quarter of 2010 – down from nearly five per cent growth at the end of last year.

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