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Interest Rate Announcement

By Dan Sowden

It was a case of steadying the ship as expected when the Reserve Bank met today and decided to keep interest rates on hold at 4.75 per cent.

The move comes on the back of comments by the Reserve Bank Governor Glenn Stevens last month that rates would stay on hold in the near future.

“Mortgage holders will be breathing a sigh of relief,” says Domain.com.au blogger Carolyn Boyd. “Even though today’s decision looked like a forgone conclusion, there is always an element of doubt.”

Each 0.25 per cent interest rate rise adds another $60 to the monthly cost of an average Australian mortgage.

The official interest rate is currently 4.75 per cent. Mortgage holders on variable interest rates are being charged a standard variable rate of about 7.83 per cent by their lenders.

By keeping rates on hold the Reserve Bank has presented borrowers with an opportunity to beat their lenders at their own game, and pay more off their mortgages before the next rate rise, which is now expected to be quite late in the year.

Source: Fairfax Media Publications | 1st March 2011


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