Lenders lifted rates 0.22% more than RBA since July
By
Luke Cornish
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22/03/2010 12:00:00 AM
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A look at more than 200 standard variable mortgages has shown that home loans have risen, on average, 1.22% since July – 22 basis points more than the RBA’s 1% increase in the cash rate.
The research, conducted by financial comparison site RateCity, found that the average standard variable rate mortgage sat at 2.31% above the RBA’s cash rate of 3.75% in February.
Over the past two years the gap between the cash rate and the standard variable mortgage rate was just 1.75%.
The RBA’s cash rate now sits at 4% after the 25 basis point rise on March 2.
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