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Macquarie Bank has increased its mortgage rates while the Reserve Bank rate remains stable, a sign that financing costs are rising and larger rivals such as large retail banks could do the same. The housing market is already down from a string of stricter regulations and is fueling a sense of community outrage that has taken off as part of a public inquiry into the sector's misconduct. in Australia
between 6 and 10 basis points later this month, but did not provide an explanation for the move.
It comes a week after the Reserve Bank of Australia has maintained rates on hold at its monthly meeting.
a record low since August 2016.
"We will see the higher financing costs ultimately pbaded on by the big retail banks, which will still weigh on households in terms of consumption prospects," Kerry Craig , Global Market Strategist, JP Morgan Asset Management
"Do We See Off-Cycle Rate Rises from Other Banks in Australia?" Yes, Probably. "
Westpac, Australia's Second Lender in market value, declined to comment on its rates, citing legal reasons.
Commonwealth Bank Spokespersons and Third and Fourth Largest ANZ Lenders and
Market Indicators of Short-Term Financing Costs More Than Tripled Since August 2017, While Deposit-Based Financing long-term wholesale financing costs have also increased marginally in recent weeks.
