The Reserve Bank yesterday lifted interest rates back to the previous post-COVID peak.
While there is still some uncertainty about what lies ahead, there are a few important things we do know.
First, we have been here before, and we came through it only last year.
In many cases, when rates fell recently, your repayments may not have fallen. So it’s possible that this current change will not affect you financially.
And even if it does, you have already managed these rates before. You can manage them again.
Second, in terms of the people making the decisions, The Reserve Bank indicated yesterday that it will now pause and assess down the track. In practical terms, this means the next genuinely “live” Reserve Bank meeting will be in August.
That gives time for the Federal Budget to be assessed, and for the Middle East situation to become clearer.
Most importantly, if you are feeling uncertain or concerned, a quick conversation can provide clarity, reassurance, and practical options you may not realise are available. Please call or email me anytime. This is exactly what we are here for — your personal broker for the life of your loan.
Alan Heath
Ask Alan – Brisbane’s trusted Mortgage Broker
Call or email me anytime