Homeowners are set to become the unintended victims of the Reserve Bank’s battle to contain inflation. The RBA is expected to increase rates again next month, hitting many with a double mortgage blow.
As the Reserve Bank of Australia engages in an effort to combat inflation, Australian homeowners could end up facing what amounts to a double interest rate blow. Homeowners who hold mortgages have already seen an increase in rates this month, and with the RBA expected to release another rise next month, they could see their financial situation quickly spiral out of control. With real estate prices at an all time high, rising mortgage costs bring further stress and anxiety to those already struggling to make ends meet. While there is certainly cause for concern among these mortgage holders, the RBA must do what is necessary to ensure a health economy overall.
