Christmas nightmare: banks to up rates again


	Christmas nightmare: banks to up rates again

tabsey

11-9-2007 3:52 AM

134 views

tags:

housing-loans

tabsey says:

Another example of how the economy controls our conservative govt, rather than the govt controlling the economy.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/c01fd543-0d12-45e3-a559-548e8a69ed0d/BB135E24-ACA3-480F-BBFB-9DD8756A185F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.theage.com.au/news/business/christmas-nightmare-banks-to-up-rates-again/2007/11/09/1194329468064.html" href="http://www.theage.com.au/news/business/christmas-nightmare-banks-to-up-rates-again/2007/11/09/1194329468064.html" style="font-size: 11px;">www.theage.com.au</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theage.com.au/news/business/christmas-nightmare-banks-to-up-rates-again/2007/11/09/1194329468064.html"><P>The cost of home loans is set to rise by a further 0.25 per cent
in the next month or two over and above the latest increase that is
now being pushed through by the major banks after the Reserve Bank
lifted official cash rates this week.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theage.com.au/news/business/christmas-nightmare-banks-to-up-rates-again/2007/11/09/1194329468064.html"><P>National Australia Bank warned today that it couldn't keep
absorbing the price pressures that have been added to its own cost
of borrowing which, in turn, is used to fund the mortgages it
offers.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theage.com.au/news/business/christmas-nightmare-banks-to-up-rates-again/2007/11/09/1194329468064.html"><P>NAB was the first major lender to lift its home loan rates
yesterday in line with the Reserve Bank's quarter of a percentage
point increase in the overall cash rate.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.theage.com.au/news/business/christmas-nightmare-banks-to-up-rates-again/2007/11/09/1194329468064.html"><P>But it appears almost certain that NAB's home loans - and that
of the other leading banks - will go up again before or just after
Christmas outside of the general interest rate cycle because of the
on-going impact of the global credit crunch.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BB135E24-ACA3-480F-BBFB-9DD8756A185F/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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