Reserve Bank of Australia leaves interest rate unchanged at 4.5%
Why we have to care about this news?
Increase in interest rate means that you have to pay more for your weekly/monthly rent . It was reported thatevery 0.25% increase in interest rate will add another $50 to the monthly cost of an average mortgage.
“Australian mortgage holders are already paying about $300 more per month in repayments than they were a year ago. “
The bad news is that, it is predicted that Central Bank of Australia is going to raise the rate soon.
Australia’Inflation ratefor June 2010 is at 3.1% , thehighest in more than a year. In simple word, you can say that if you have $1,000 a year ago, its value has dropped to $969 by now…
So recalculate, rebudget and review your financial to ensure you are ready and prepare for it.