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RBA interest rates: Reserve Bank of Australia leaves official cash rate steady at 4.1%
(www.theguardian.com)
this post was submitted on 04 Jul 2023
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The flow on effects of previous rises might take a bit longer to be fully seen, but I daresay they are going to do another rise or two before the year is out. It does also depend on the situation around the world to some degree as well.
Yeah I literally got my monthly letter from the bank today letting me know my eye watering monthly repayment for my modest suburban house is going up another $200 a month.
So, yay for paused interest rates but they could have at least let me enjoy it for a day or two.
Yeah it is eye watering to look at what our minimum payments were 18 months ago, compared to now :-\
My primary residence mortgage is fixed until the end of the year, so I'm not looking forward to seeing how much the repayment jumps. It'll be going from 1.9% to ~6% most likely :(
Yep, good luck. Expect thousands (plural). You must have locked in the fixed term at the perfect time.