How are investors responding to the RBA interest rate hike?
The Reserve Bank of Australia has announced an interest rate hike of 25 basis points to a rate of 0.35% at the monthly meeting today in the first interest rate hike since November 2010.
The Aussie dollar has strengthened following the RBA’s decision, with 1 Aussie dollar buying
71.17 US Cents
0.57 British Pounds
And 92.41 Japanese Yen.
Investors are selling out of the big four banks today amid the interest rate decision announcement, in anticipation of just how much of the banks will pass the rate hike onto customers.
And for home-owners with an average mortgage of around $500,000, the new RBA interest rate of 0.35 basis points means you will pay $65 per month more on your home loan repayments.
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