Wednesday, Aug 15, 2007
founder of Aussie Home Loans, John Symond, said rates could rise by up to 0.25 percentage points, doubling the Reserve's interest rate rise of last week, because of the tighter credit market. That rise pushed up monthly repayments on a typical $300,000 mo
AUSTRALIAN: Credit squeeze to push rates higher
Commonwealth Bank chief Ralph Norris concedes that interest rates could rise for hundreds of thousands of mortgages - regardless of official increases by the Reserve Bank - because lenders are struggling with a global credit squeeze caused by the crisis in the US housing market.
Mr Norris says there may well be some increase in interest rates as a result of the US subprime mortgage crisis for all Australian lenders.
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