Days left to act: Aussies face highest interest rates since GFC

Australia’s biggest banks are united in their warning of a cash rate hike within days. Australia’s big four banks all now warn the next hike will be within days – with one issuing a brutal wake-up call that interest rates will reach GFC-era highs by Christmas. In a terrifying double-capitulation on Monday, Commonwealth Bank and ANZ officially abandoned their hold calls to join NAB and Westpac – uniting all big four lenders in forecasting an RBA cash rate hike to 4.60 per cent next Tuesday, September 29. Shockingly, ANZ went a step further by dropping a double-hike bombshell, predicting back-to-back rate rises in September and November that would push the cash rate to 4.85 per cent – setting official borrowing costs back to levels not seen since late 2008 at the height of the global financial crisis. Oil price and cash rate market pricing. Source: CBA CBA head of Australian economics Belinda Allen Canstar analysis reveals a 0.25 percentage point rate rise next Tuesday will add $91 a month to a $600,000 loan, $114 a month to a $750,000 loan, and $152 a month to a $1 million mortgage – and would double if ANZ’s prediction of a second hike in November plays out. That would take a $600,...