Wow – we’re over a quarter of the way through 2022 and what a year it’s been.
Many of us are experiencing challenging circumstances, and there are likely to be more tough times ahead, with lots of media attention and talk about increasing interest rates, and the ongoing cost of living pressures eating into our budgets.
The Reserve Bank (RBA) has made the decision in their May meeting to increase its cash interest rates from 0.1% to 0.35%. Since the RBA’s decision variable interest rates have increased across the market.
Many of us may not have experienced interest rate increases on our mortgage before, as it hasn’t happened for many years. So what can we do to prepare for these increases?
If you would like to discuss your loan with one of our Lending Solutions Team members, please call our Customer Care Team on 138 001 and we can arrange it for you.
Want to work out what your home loan repayments will be? Check your mortgage repayments using our Home Loan Repayment Calculator here.