The Reserve Bank Australia has expressed a 2.5% interest target. Elson Goh from EG Financial Services joined Mike to discuss more.
Over 30 economists were surveyed, and none predicted such a huge increase. By the end of this year, the rate will increase by 1.15% and another 1% increase mid next year. While the economists are shocked, people who have been paying a mortgage for more than a decade would not be. We have never seen home loan rates this low ever.
Home loan rates over the last four decades:
- 2010: 5-8%
- 2000: 6-8%
- 1990: 7-14%
- 1980: 9-17%
What should you be paying now? Let us know your thoughts by texting or messaging us on socials. Hear all of Elson’s advice in the podcast below!