Economists are warning home loan customers have only felt the impact of the first RBA rate hike
"So there [are] three [interest rate increases] in the pipeline still to hit even if the RBA was to do nothing from here." "At CBA, for example, by December, the impact of already announced rate rises on monthly cash flow for mortgage holders will be a four fold increase compared to July," he said. The bottom line is that the speed at which many households are going backwards financially is accelerating.It adds to the household budget squeeze from yet-to-be-felt higher mortgage costs.
"But much of the impact of the higher cash rates on households will be staggered between now and mid-2024, as fixed rate loans expire and are replaced with higher interest loans, whether those new loan structures are fixed or not."
Source: Loan Digest (loandigest.net)
How much profit did the CBA make? 9 billion? How much interest did I make on my bank deposit? 9 cents.
It’s 5.30am. I’ve never know an economist to be up this time in the morning let alone warning people. Dear oh dear...
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