Business rates up more than home loans

Rates on business loans have increased faster than for home loans according to a review conducted by the Reserve Bank. From July 2007 to January there were two increases in the official cash rate totalling 0.5 percentage points. Over the same time the average home loan rate rose by 0.65 percentage points but businesses have been slugged with an average rise of 0.73 percentage points, and small business secured overdrafts have increased by 0.85 percentage points. The RBA also found that personal credit card rates are up 0.78 percentage points and margin loan rates have increased by 0.69 percentage points.

Source: The Australian Financial Review