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Borrowers face rates double whammy

26/07/2010

Borrowers face a ‘double whammy’ of interest rate rises imposed by the RBA in response to higher expected inflation numbers and interest rate rises imposed by banks as they move to shore up their profit margins.

The official headline inflation rate is currently just above the RBA’s target range of 2 – 3 per cent. LoanMarket CEO Dean Rushton said “It is not a matter of if banks will lift their rates but when.” Rushton predicted banks will raise their rates independently of the RBA soon after the federal election on August 21.

Source: Herald Sun



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