Business and Finance News and Analysis

Borrowers who locked in record-low fixed interest rates in the past few years are likely to face a substantial increase in mortgage repayments when their fixed terms end.

Borrowers could see higher mortgage repayments within weeks, with the Reserve Bank of Australia (RBA) increasing the official interest rate for the first time in more than a decade.

The Reserve Bank of Australia has raised the official interest rate from its record low in response to the shock increase in the inflation rate over the March quarter.

Home owners still have time to take advantage of record-low interest rates before the cash rate rises.

It’s the million-dollar question on home owners’ minds: When will interest rates rise and how will that affect home loan repayments?

Record-low rates may soon be a thing of the past, with economists tipping the Reserve Bank of Australia to start increasing the 0.10 per cent cash rate as early as June. So what can borrowers do to prepare?

The Reserve Bank has kept the official interest rate at 0.1 per cent, but with inflation heading up and wages rising in many sectors, incremental cash rate increases are widely expected to begin later this year.

The RBA has kept the cash rate steady despite the war in eastern Europe exacerbating the inflationary global economic environment

The Reserve Bank of Australia has kept the official interest rate on hold at its first monthly meeting of the year, despite predictions of rate hikes fuelled by rising in global inflation.

The official interest rate remains at a record low of 0.10 per cent, with the arrival of a new COVID-19 variant dampening optimism around the economy’s strong rebound.