.25% Interest Rate Rise
Posted
@ Nov 1st 2006 1:46pm
- By GCPN Property Network
The Reserve Bank's decision today to raise official interest rates for the third time in six months has been criticised by the Housing Industry Association, which claims it will only inflict more pain on Australia's housing industry.
Since the start of the year, homeowners with a mortgage of $250,000 are required to find an extra $122 per month to meet minimum monthly payments.
HIA's Executive Director, Housing and Economics, Simon Tennent, said that while there is no denying the inflationary risks, monetary policy will prove to be the bluntest of instruments when it comes to slowing Australia's two-speed economy
.