Interest rate rises just dont affect those that currently have mortgages think of the people who have been saving for a while to try and get into the market their budgets would have been slashed by at least $190,000 as a result of the last six months of RBA rate rises.
A family with two kids on a combined annual income of $150,000 before tax could borrow $995,800 six months ago but once the October rate hike kicks in they will only be able to borrow around that $800,000 mark.
If the cash rate rises to 3.60 per cent as forcasted by Westpac (April next year) this family will only be able to borrow an estimated $728,100 which is $267,700 less than they could have before the hikes began.
There is certainly going to be more hikes coming our way we will just have to plan for it.
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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