INTEREST RATE RISE

There is talk of an interest rate rise. Many mortgage holders have borrowed more than they should have just to get into the market. This could be very costly when interest rates rise. The RBA has kept interest rates at 0.1%. The crisis in Ukraine has affected petrol prices and food and inflation around the world has increased. The average loan is around $1.1 million. If interest rates go up increases could be as much as $291 per month on an interest rate hike of 0.5%. With other factors like cost of living and inflation there will be a lot of pressure on borrowers, some may even have to sell. Please contact us should you have any questions regarding renting or selling.