Business
‘Expect to see mortgage rates moving up’: Bank funding costs to rise as $200b scheme ends – Sydney Morning Herald
The end of a $200 billion emergency funding scheme for banks is expected to lift fixed mortgage rates from ultra-low levels.
The Commonwealth Bank gave an early sign of the pressure on fixed-rate funding when it increased its three-year rate by 0.05 per cent on Friday, in a move that rivals are likely follow. Longer term fixed rates are also rising in response to higher bond yields.
The RBA has said it does not expect to move the cash rate which affects the variable rates paid by most borrowers until 2024.
Before COVID, Australian banks raised more than $100 billion a year in wholesale funding from foreign and local investors,…
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