Homeowners hit with double rate whammy interestrates
The combined May, June and July rises will lift the monthly repayments on an average $560,000 home loan by $380, according to PropTrack.PropTrack economist Angus Moore said the last time mortgage holders were hit with two 50 basis point hikes was in 1994 when the Reserve Bank of Australia decided to lift the cash rate from 6.5 per cent to 7.5 per cent, but that was in one meeting.
PropTrack senior economist Eleanor Creagh said the market was pricing in a cash rate of 3 per cent by December. “These are tough news for many homeowners, with 1 in 4 already struggling to meet their monthly mortgage payments in June,” Finder head of consumer research Graham Cooke said. LJ Hooker head of research Mathew Tiller said cost of living pressures combined with rising interest rates had impacted buyer demand for housing.own story,” Mr Tiller said.
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