Tag: interest rate
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NAB interest rate rise is causing outrage
The National Australia Bank (NAB) is receiving heavy criticism for its decision to raise its interest rates yesterday, just hours after the US Federal Reserve raised its interest rates. The NAB raised its residential investment home loan variable rate by 25 basis points from 5.55% to 5.8% per annum. They also raised their standard variable rate for owner-occupiers…
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Australian dollar surges above US 77c
The Australian dollar has reached its highest point in two years in the wake of a weakened US dollar and an increase in commodity prices. The Australian dollar is now worth over US 77 cents, reaching a high point of 77.07 US cents, which is an increase of 2%. The surge comes in the wake of…
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Big banks drop home loan rates
ANZ, NAB, CBA and Westpac have all dropped their home loan interest rates following the Reserve Bank’s official interest rate cut. The Reserve Bank of Australia cut the cash rate by 25 points to 1.75% on Tuesday, prompting the big banks to action. National Australia Bank was the first to cut its standard variable home…