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Are the interest rates set to increase in 2017?
March 23, 2017
We certainly have been spoilt for the past two years with interest rates at a very low level. Investors and homebuyers in Australia have made the most out of the cheap money, as the value of housing finance commitments has trended upwards since the beginning of 2016.
However, recent media coverage indicates that the situation may change in 2017. If you’re paying a mortgage on your properties, it could have a considerable effect on your repayments.
There’s no need to panic, but you certainly should double check your home loan to make sure it won’t affect you.
There was speculation earlier on this year that the interest rates could head even lower. However, OECD stated that the monetary policy is expected to tighten by the end of 2017.
With inflation increasing and house prices continue to go up, it seems obvious that OECD prophecy will come true.
What does it mean for Australian homeowners with mortgages?
Please don’t panic again even if you are an investor, again look closely at your loan and maybe consider refinancing. It might save a lot of money in the coming up years.