In an unusual turn of events, banks are raising mortgage rates for new customers to help cover expected losses from mortgage defaults
Follow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcast
Australia’s big banks are leaning on new borrowers to keep profits rolling as they prepare for more of their existing customers to succumb to rising borrowing costs.
Mortgage rate analysis shows lenders are lifting rates for new borrowers at a faster pace than official cash rate increases. Fixed rates are also leaping higher.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup
More Stories
China ‘evaluating’ US offer to engage in trade negotiations
Federal election 2025 live: Australia polls open, voting begins; Anthony Albanese and Peter Dutton on election day campaign for Labor and Coalition – latest news
AfD ‘extremist’ label sets up political high-wire act for Friedrich Merz