RBA hikes rates by 0.25%, kids & social media, & which banks have upped home loan rates: This week’s best banking news

By Rhianna Dews · · 3 min read
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RBA hikes rates by 0.25%, kids & social media, & which banks have upped home loan rates: This week’s best banking news
  • RBA hikes rates by 0.25%. This is how banks are responding
  • How high will Australian interest rates go in 2022?
  • What’s in your May 2022 Financial Checklist
  • Smartphones, social media, & kids: parent questions answered
  • Best shows to stream in May? Here are the top picks from Mozo’s Content
  • May RBA rate hike: Which banks have increased home loan rates?

All in this week’s best banking news recap: editor’s pick.

RBA hikes rates by 0.25%. This is how banks are responding

Well, I don’t think everyone saw that one coming. In their regular monthly meeting on Tuesday, the Reserve Bank of Australia announced it would be increasing official interest rates from 0.1% to 0.35%. 

This surprise decision marks the end of the Board’s pandemic era stimulus, which came about in March 2020 to help out the struggling economy.

“The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic,” RBA governor Philip Lowe said.

Read the full article: ‘RBA hikes rates by 0.25%. This is how banks are responding’ for all the deets.

How high will Australian interest rates go in 2022?

After holding the Aussie cash rate at 0.1% for over a year in light of the COVID-19 pandemic, the Reserve Bank of Australia has finally announced a 25 basis point increase. But how high can we expect interest rates to rise?

“In a report released on Sunday, Westpac chief economist Bill Evans said the RBA will be aware that raising rates too fast and too high will spell trouble for the nation’s borrowers, who are already up to their necks in debt,” said Mozo Money Writer Niko Iliakis.

“In short: unless you’ve already fixed your home loan, expect your interest rate to go up. Within a day of the RBA’s announcement, all four major banks notified customers that they will be raising variable rates in line with the cash rate, and other lenders will most likely follow suit.”

Read the full article: ‘How high will Australian interest rates go in 2022?’ for the full scoop.

What’s in your May 2022 Financial Checklist

What’s in your May 2022 Financial Checklist

It’s May! Which means your fave financial checklist has officially arrived!

In your May 2022 Financial Checklist:

Read the full article: May 2022 Financial Checklist for loads of top tips!

Smartphones, social media, & kids: parent questions answered

With technology evolving faster than us, today's kids are growing up in a very different world than the generations before. 

This leaves many parents at a crossroads on how they should police their kids around their use of mobile phones and social media. That being said, here are some ways to help your children navigate their first phone. 

Read the full article: ‘Smartphones, social media, and kids: parent questions answered’ for the full rundown.

Best shows to stream in May? Here are the top picks from Mozo’s Content Team

Best shows to stream in May? Here are the top picks from Mozo’s Content Team

Netflix, Stan, Binge - Oh my! While there’s certainly no shortage of streaming platforms nowadays, you might find yourself at a loss for what to watch. Sometimes having too many options does nothing but send you into ‘analysis paralysis.

So, allow us to give you a few recommendations based on what people from the Mozo office have been buzzing about as of late. 

Read the full article: ‘Best shows to stream in May? Here are the top picks from Mozo’s Content Team’.

May RBA rate hike: Which banks have increased home loan rates?

After the RBA upped the cash rate on Tuesday, you might be wondering what the repercussions will be for Aussies with a mortgage?

Firstly, many property owners might expect to see an increase in their home loan repayment amount should their interest rate go up. In terms of future home buyers, breaking into the property market could become more difficult. 

“Since the start of the year, we’ve seen many banks increase their home loan interest rates across the board, to the point that most below ‘2’ fixed rates are gone. The latest cash rate move will likely impact home loan rates further,” Mozo Money Writer  Maria Gil.

Read full article: ‘May RBA rate hike: Which banks have increased home loan rates?’ for more info.

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