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Cards and business loans go up

09/10/2009

Banks are likely to raise rates much more quickly than the Reserve Bank says analysts who warn that bank funding costs are still very high.

While banks have so far not moved to raise retail variable mortgage rates above the RBA official rate rise on Tuesday, rates on credit cards and business loans are already going up as banks attempt to protect profits.

“We expect overall costs to increase into 2010” a spokeswoman for NAB said yesterday.

Retail deposit rates have increased by up to 1.2 per cent over the last year as banks and other institutions have competed for cash.

Source: The Age

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