> Home > Easy News > Reserve Bank raises interest rates

 

Reserve Bank raises interest rates


Effective 3 November 2010, the reserve bank has raised the cash rate by 25 basis points, to 4.75%p.a.



After much speculation as to whether or not the RBA would put rates on hold or not, it was confirmed on Tuesday 2nd November that there will be an increase by 25 basis points, effective Wednesday 3rd November.

The Commonwealth Bank has already increased their interest rates more than the Reserve Bank's cash rate rise, and the rest of the big four banks are expected to follow suit by raising their interest rates shortly as well.

What do rising interest rates mean for your budget?



For many, the prospect of rising interest rates can mean a significant change in their cost of living, and hence their overall level of affordability and financial comfort.

If you're worried about interest rates rising even more in the next 2-3 years, or if you know that you wouldn't be able to afford your mortgage repayments if they increased any further, why not consider fixing your home loan.

Now is a good time to compare you home loan to Easy Street's award winning home loans



Just because you fix your home loan, doesn't mean you need to feel like your hands are tied. Easy Street's fixed home loans are packed with flexible features, including the ability to make extra repayments fee free (up to $25,000 per year), a 100% offset account to help reduce the interest you pay and no excess fees as there are no monthly fees, no ongoing fees and no redraw fees.

But don't take our word for it. Easy Street's 3 year fixed home loan took out gold at the 2009 Mortgage of the Year Awards from Your Mortgage Magazine.

Easy Street is different



Easy Street is powered by Community First Credit Union, Sydney's largest Community based credit union. As a Member owned credit union, profits are not generated for the purposes of paying dividends to external shareholders. Instead, they go back in to creating better products, more competitive rates and fees and superior levels of service for our Members. In other words, if you are a Member of a mutual like Community First or Easy Street, it all comes back to you.






EasySavings - Interest Rates