The last time the RBA increased interest rates during a federal election campaign was in 2007, when Opposition leader Kevin Rudd was contesting incumbent Prime Minister John Howard.Mr Ryan said today's hike was the tip of the iceberg for borrowers, who are being warned to factor in a number of rate rises this year.
"The outlook for housing prices later in the year is one of a balance between higher mortgage rates and the higher income growth the RBA is looking to see before raising rates."Sarah Megginson, senior editor of money at Finder, said some borrowers may find themselves caught short when having to deal with increases on their repayments.
Interest rates Under current LNP Govt vs under the last Labor-Greens
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