In the real Australian economy, credit is tightening

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From the AFR:

More than 20 mortgage lenders have discreetly increased loan rates in the past six weeks with other major banks expected to make repayment announcements over coming weeks, according to analysis of rate changes.

Rate rises mean the difference between the highest and lowest standard variable rate ranges from about 3.85 per cent to 6.11 per cent, or nearly $300 dollars in monthly repayments on a $1 million mortgage.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.