, will hike the interest rate on a range of credit cards by up toThe bank is also raising the international transaction fee on select credit cards from December 1, 2023.These changes follow CBA's increase to the purchase rate on its Low Rate card on August 25, where the rate was hiked 0.75 percentage points to 13.99 per cent. This rate has not been changed today.
Mackay in northern Queensland topped the list, along with Douglas and the Whitsundays from the same part of the world, with the Snowy Valleys in NSW and Ceduna in South Australia"The increasing popularity of these more remote regional growth hotspots, boosted by good regional job prospects and the likelihood of better house prices and availability, has seen some previously popular LGAs come off the boil," the report noted.
The record high of 35.6 per cent of mortgage holders in mortgage stress was reached in mid-2008, during the global financial crisis. Roy Morgan has modelled the impact of two potential RBA interest rate increases of 0.25 per cent in both November and December, which would take the cash rate to 4.6 per cent.
Interest rates are only one of the variables that determines whether a mortgage holder is considered "at risk". "Pockets of stress are likely to grow in the medium term as highly indebted households continue to be tested by higher debt servicing burdens," the Reserve Bank of New Zealand said in its semi-annual Financial Stability Report.
Source: Loan Digest (loandigest.net)
Commonwealth Bank Australia Credit Cards Interest Rates International Transaction Fee
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