After several interest rate rises already adding pressure to Aussie families this year, more financial pain is forecast for the new year. In the past 12 months rates have gradually risen to 2.85 per cent and an eighth consecutive jump is expected to be announced tomorrow. For families like the Muldearys in Ballan, Victoria, the ongoing rate rises have seen their mortgage eat up 40 per cent of their income.
And with another interest rate rise expected to be delivered by the RBA, tomorrow, for many families across the country of Australia , things are becoming tougher and harder for them.
Mortgage brokers Michael suspect that there will be more interest rate climbs going into the 2023 year, however it is not all gloomy news as some think that we may well get a break from the interset rate rises in January, but for early next year it is forecast and expected that interest rates will still rise, but some analysts are expecting to see an easing throughout the second quarter of the year and then perhaps a pullback in late in the 2023 year.
