RBA's cash rate increase a 'big hit' to mortgages

The Reserve Bank's 50 basis point lift to the cash rate is a "big hit" to those with mortgages, Centre for Independent Studies' Simon Cowan says.

"We've now seen 1.75 per cent over four meetings – which is just three months – we're expecting that obviously to go straight through into mortgage rates again," Mr Cowan told Sky News host Chris Kenny.

"That's going to be hundreds and hundreds of dollars a month for those who've taken out a mortgage."

[johnmurray]

Wait until next year and the rates are over 10%. No confidence in the ALP fiscal management. Enjoy.

[andrewbroome]

I can't believe I trusted the RBA back in 2009 and used the emergency low rate of 3% to decrease debt instead of recklessly borrow and whinge when rates hit a massive 1.85% today

[delladog]

We need more rate rises to kill the inflation cancer. Inflation will ultimately kill everyone and the economy not just those with large mortgages

[TheRealBobSmith.]

A Labor Government, what more would one expect ?

[jackrussell]

To be fair, no one put a gun to anyone's head and force them take out a loan.

[robstone]

Lowest interest rates in history, government printing billions to buy vaccines, pay for everyone in the country to be tested twice and hand out cash for everyone to sit at home not working. Australia: nobody saw this interest rate rise coming. 🤣🤣

[peterburke]

The canary in the coal mine is demographics. On top of local pressure selling is also foreign exit stage left Chinese owned property and some of those but not all make up a million empty homes according to the census. The economy is going to hell so the holiday home will go so the bnb .Now the big one on top of that is 27 percent of the population is about to fall of the perch.The boomers and pre ww2 born some of which own multiple homes which will all go on the market in a high interest rate banks wobbly at the knees scenario.WARNING disaster approching .you have been told.

[notafreespeechplatform]

Who never saw this coming after two years of printing money?

[rcnwxyp]

On the economy it's like trying to tell Labor about farming. They have absolutely no idea. That's why inflation - interest rates - cost of living are all going to come back and bite Labor.

If you think fuel at the petrol bowser is bad - wait until you them play with the electric power gird. You will see people with "passionate finger" will send electricity prices sky rocketing.

[eb]

GTerry McCrann was right - Labor has no idea what they are doing. For that reason, I really do believe interest rates will sky rocket. LNP were bad for sure, but ALP all at sea without a rudder.

[mawsoncasey]

The legal concept of foreclosure is a USA term and you won't see that in a for sale sign in Australia.

[ewtwetrwerwteet]

'International roast' Woman's sad new morning coffee after mortgage statement realisation

[Retiredroamers]

Investors have taken that big hit as well, about time things turned around.

[petertyper]

Well, looks like I won’t be getting approved for that third property now 😂😂!

[lesleyweber]

I should have never got so low in first place place.

[stevestratton]

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[mateoramos]

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[gkntsmz]

Hopefully labour voters are most impacted. Vote in sjw politicians expect stupid prizes.

[jimodermann]

It says no views 2 thumbs up now I am the 3rd 👍