Interest Rates 2009 December

Interest rate change Tuesday 1st December 2009

The Reserve Bank of Australia increased its base Interest rates by 0.25% on 1st December 2009.

The new Base rate is now 3.75%

Mortgage rates are normally based on that RBA Base rate, with a margin added.

Expected Bank standard variable Mortgage Loan rates will now be:

• 6.49% NAB has confirmed a 0.25 rise
• 6.49% CBA
• 6.56% ANZ
• 6.76% Westpac has confirmed a 0.45 rise

The above is based on last months rates, November 2009, when the RBA Base rate was 3.5%, of the main Four banks which were:

• 6.24% NAB
• 6.24% CBA
• 6.31% ANZ
• 6.31% Westpac

The statement by Glenn Stevens, RBA governor explained the base reason for this increase.

Full details at: www.rba.gov.au/MediaReleases/2009/mr-09-28.html

RBA Rate Source:  www.rba.gov.au