Can you afford an extra grand a month on your mortgage repayment? If interest rate predictions from three-quarters of economists are correct - Christmas will be a lot less jolly in July and just before Santa arrives; a complete nightmare.

 

 

 

 

higher-rates

 

 

 

Reserve Bank governor, Philip Lowe, warned Australians to prepare for higher interest rates, saying inflation will likely reach 7% by the end of the year.

 

 

The big bank premonitions on cash rates

 

  • CBA - 2.10 per cent by November
  • Westpac - 2.10% by years end  and 2.35 early February 2023
  • NAB - 2 per cent by the end of this year
  • ANZ - Two more hikes in 2022
 
 
If the cash rate hits the 2 per cent mark by the end of this year; your $500,000 mortgage monthlies will increase by around $500.
 
 
 
There is no doubt you should be looking into your finances and loans to see where you can average out some of the incoming costs to better-ready yourself to handle a considerable loss of cash in hand come Christmas.
 
 
Refinancing a home loan can make a massive difference in repayments when even a slight interest rate difference occurs.

 

 

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 Until next time and thanks for yours!

 

 

Sam Bloch

Author

Sam Bloch

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