The first of the big four banks has responded following the latest interest rate hike by Australia’s Reserve Bank. The RBA’s decision to raise the cash rate by 25 basis points to 4.1% marks the highest level since April 2012. This move is the 12th interest rate increase since May last year when the cash rate was at a pandemic-low of 0.1%. Australia’s inflation rate remains high, reported at 6.8% in the 12 months to April. As a result of the hike, borrowers with 25 years left on a $500,000 loan will experience approximately a $73 increase in their monthly repayments. Westpac was the first of the big four banks to respond to the change, announcing that it will pass on the full increase to both new and existing customers, effective June 20.
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