Australian mortgage borrowers are bracing for the household budget to get even tighter as another interest rate hike looms this afternoon. 9News
Currently, Australia's official cash rate target is 0.85 per cent, having increased by 50 basis points in June.
"Australians are potentially staring down the barrel of the steepest RBA hikes since 1994," the site's research director Sally Tindall said. "Governor Lowe might have poured cold water on suggestions the cash rate could get to 4 per cent by Christmas, but the RBA is still likely to rip the band-aid off quickly."So how high could interest rates go?
Canstar finance expert Steve Mickenbecker said increases to mortgage repayments were just one factor squeezing every last dollar out of a lot of household budgets.House prices have already begun retreating following the first interest rate rise in May.
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