In case banks decide to pass on in full, the interest rate rise will increase the repayments by $65 a month on a $500,000 mortgage, and double that on a million-dollar loan.
Home owners in Queensland are urged to seek legal advice before making payments that fall outside the terms of a fixed price building contract under the guise of ‘contract variations’.
While the interest rate in Australia remained at a historic low of 0.1% the accompanying statement showed the policymakers remain committed to maintaining highly supportive monetary conditions.
Morrison pointed to India’s geography, industrial capacity, technological development and democratic institutions as important advantages in attracting international capital.