Due to this interest rate hike, Commonwealth Bank, Westpac, ANZ and the National Australia Bank re-adjusted their rates values as well. After all the developments, average homeowners must now pay an additional $46 for monthly mortgages.

If added to rate hike in October, it implies that those who are enrolled in $300,000 home loan programs are paying $100 more for their mortgages.

When compared with the recorded data before the RBA started trimming down rates due to the global financial crunch, last August 2008, loan payers have amassed $662 dollars in additional monthly payments.

Because of these recent adjustments, Federal Treasurer Wayne Swan proclaimed that these developments have been tough for average families and small scale businesses.

However, he added that these developments would mean that rates are not nailed at 50-year-low emergency rates for a long time. He also pointed out that when these banks meet in February 2010, Australia’s albeit improving economy will bring positive changes to the interest rates.

On the other hand, opposition leader Malcolm Turnbull stresses that the interest rate hikes will continue due to the Rudd administration’s overspending of the stimulus program.

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