Adelaide Bank raises interest rates
Tuesday December 4, 2007
The Adelaide Bank was the first of the financial institutions to lift their home loan interest rates yesterday above the official interest rate of 6.75% set by the Reserve Bank of Australia (RBA).
Adelaide Bank, a wholly-owned subsidiary of Bendigo Bank, expects the latest interest rate rise to affect 30,000 households around the country.
The majority of those affected are customers who have a Low Doc home loan after the rate went up 25 basis points.
An Adelaide Bank spokesman said the people most affected would be those who gained finance for their loans through mortgage managers.
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