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Interest rate increases absorbed by most

Lenders have been quick to pass on interest rate rises, following last week’s announcement by the Reserve Bank of Australia (RBA) to raise the Official Cash Rate by .25 basis points. Nevertheless, industry experts believe that the majority of borrowers will cope with the increase.

Chief Executive of the Mortgage Industry Association of Australia (MIAA), Phil Naylor, calculates that the 0.25 per cent increase would add $34.77 to the average variable rate Australian home loan of $216,900 for a 25 year loan or $36.60 on a 30-year loan…..more

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