Smooth sailing for July after 12 rate rises in a row the RBA keeps cash-rate at 4.1%
Posted
@ Jul 5th 2023 6:04am
- By GCPN Admin
Smooth sailing for July after 12 rate rises in a row the RBA keeps cash-rate at 4.1%
After 12 rate rises in a row the RBA keeps rate at 4.1% which is good news for mortgage holders, but there are worrying signs, that as mortgages are slowly transitioning to fixed term, there will be trouble for many who struggle to cover repayments with bank rates presently hovering around 5.5% to 6%.
In about 1990 to purchase a home on the Gold Coast you were paying 15.5% interest, and it did rise further to 17.5% in some instances, so 6% doesn’t look that bad at all.