HOME owners and home buyers can expect their monthly home loan repayments to go up by between $250 and $500 by the end of the year.
If you have a mortgage of $500,000, your monthly repayments are going up by between $400 and $800.
Two weeks ago the RBA board opted to leave the official interest rate unchanged, and all the big banks generously “passed on” no change.
Yesterday, the formal minutes of that meeting revealed it was a very close decision. More pointedly, it left little doubt that it was merely a pause.
If economic conditions developed as expected, the minutes stated, “further adjustments to policy would probably be needed”.
By adjustments – the RBA refers to a series of rate increases.
It is quite likely that Australians will see their home loan interest rate go up by us much as 1% before the year is out.
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