The global financial crisis did not affect the Aussie credit received by homebuyers, the Reserve Bank of Australia says.
A consistent flow of
Aussie credit did not stop any property buyers during the global financial crisis (GFC), according to the Reserve Bank of Australia (RBA).
Guy Debelle, RBA assistant governor of financial markets, said the economic disaster impacted on the prices and structure within the mortgage market, the Australian Associated Press reported.
He added: "Housing finance has been readily available throughout the crisis period, with housing credit growing at about eight per cent a year."
The RBA still determine the
interest rate structure and effectively the mortgage rates, based on whatever they decide the cash rate to be, according to Mr Debelle. And it can take changes into account when it sets out its policy deliberations.
Moreover, the organisation increased the cash rate by 0.25 per cent at the beginning of the month to four per cent, which sparked some groups into action.
Commonwealth Bank announced it planned to up the rates on two of its savings accounts – the NetBank Saver and Business Online Saver.
