It has been reported that the CBA has become the first of Australia’s major banks to increase variable mortgage interest rates since the base rate cuts started last September.

Last September the Reserve Bank of Australia started a round of interest rate cuts to increase affordability amongst homeowners and try and boost the economy. However, one of the nation’s four largest lenders has now announced that it is putting up its variable mortgage interest rates from the start of next week.
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Figures that were recently released in Australia have shown that the level of mortgage arrears in the first quarter of this year actually decreased despite difficult financial conditions.

Although like other major economies Australia has been experiencing difficult financial conditions and a slowing economy, this week has seen some positive figures released with regards to mortgages. The figures showed that in the first quarter of this year the level of mortgage arrears in Australia was actually down, despite the economic gloom and difficult financial climate.
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It has been revealed through official figures that many banks in Australia are netting a fortune each year through the fees that they are charging to their customers.

In the current financial climate many banks and other areas of the finance industry are concerned about profits levels and financial losses. However, according to a recent report one of the ways in which many banks in Australia are trying to claw back lost revenue and boost profits is by charging their customers extortionate fees.
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Minutes that were recently released by the Reserve Bank of Australia have suggested that there has been some level of debate with regards to future base interest rate movement.

The Reserve Bank of Australia has recently released some minutes from a meeting, and the content of the minutes have suggested that there has been some debate with regards to whether the base interest rate should be cut in order to try and aid the struggling economy or whether it should be left on hold until more economic data has been received and analysed by the central bank.
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Whilst interest rates have dropped down to three percent in Australia many homeowners are still suffering some degree of mortgage stress according to a recent report.

According to a recent report many homeowners in Australia are still suffering some degree of mortgage stress even though the interest rates have dropped down to three percent, which should mean that homeowners are far less financially stretched than they were previously when the interest rate was higher.
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