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This is my take on it
A house loan in 1990 of $120,000 cost the owner when interest rates increased by 8% a $182 a week increase.In 2010 a house loan where I live is $800,000 or more
when interest rates increase by 3% this causes a $461 a week increase.in 1992 the recession we had to have Labor Party had interest rates at 18% p/a
A 3 % rate increase today has a more powerful effect than in 1992 due to the much larger loans required.And also the banks increase independently from the RBA due to getting their funds from overseas sources.
if you can’t afford the deposit, review your budget.
Viewing 3 posts - 1 through 3 (of 3 total)
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