9News: Homeowners Hit

Peter Overton: There is fresh pain for mortgage holders tonight with more of our big banks announcing interest rate rises.

Lets go straight to Finance Editor Ross Greenwood in the city – Ross, this is certainly going to continuing putting more pressure on the family budget.

Ross Greenwood: there is no doubt about that Peter. It was the ANZ this afternoon, who first came out and said rates will rise for both home owners, plus investors, but 0.16 per cent.

Not, it’s given an exemption to anyone living in a drought affected areas; they won’t feel the pain of this increase.

But just 20 minutes later, the Commonwealth Bank, Australia’s largest Bank, said it will raise its own rates by 0.15 per cent.

This mean, depending on which bank you’re with, if you’ve got half a million dollar mortgage right now, the increase will cost you between $560 and $600 a year.

This will do nothing, of course, to sooth the nerves of property investors, especially as the price of property is falling in Sydney right now.

One bank holding out right now after Westpac went last week, is the National Australia Bank, but Peter it seems its only a matter of time.

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