Rate Rises and Residential Property

MELBOURNE, March 2 AAP - Housing commentators have warned more rate rises are likely to come, after the central bank increased the cash rate. The Reserve Bank of Australia (RBA) raised the cash rate on Tuesday by an expected quarter of a percentage point to 4.00 per cent, the highest since February 2009. If banks pass on the full rise, homeowners can expect to pay an extra $47 each month on an average $300,000 mortgage. Mortgage Choice senior corporate affairs manager Kristy Sheppard said more rate rises were likely this year. "Look at this increase as a taste of things ... read more...