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Home loan repayments are set to soar as rampant economic growth might force two mortgage interest rate rises within six months, pushing up mortgage repayments, economists said yesterday.
They said the central bank might lift official interest rates to a peak of 7 per cent, which could take the average variable mortgage rate from 7.75 per cent to 8.25 per cent and increase the average household's monthly repayment by about $100.
The Reserve Bank of Australia's decision on a potential interest rate rise next month to 6.75 per cent hinges on the September inflation figures due out on Wednesday.
The timing of the next interest rate rise is a hot-button issue in the federal election campaign. Most economists now say rates will definitely rise; it is just a question of when.
Westpac chief economist Bill Evans said the economy was being driven by the mining boom, strong consumer ...
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