FinanceNews.com.auCall for ‘fight back’ against interest rate pain, 18-year high reached
The RBA raised the cash rate to 4.85 per cent, its highest in 18 years, and an economist is urging mortgage holders to call their bank and ask for a better rate.
One of Australia’s leading economic voices is urging frustrated mortgage holders to “fight back” against higher interest rates, as the Reserve Bank is forced to put the squeeze on households.
The Reserve Bank lifted the cash rate for the fifth time this year to 4.85 per cent, its highest level in 18 years, on Melbourne Cup Day.
Compare the Market's David Koch says mortgage holders with an average $731,000 loan are now paying $584 more per month than before this year's hikes began.
Koch urges households to ring their bank and simply ask for a better rate, saying loyalty is rarely rewarded and a phone call could save serious money.
Households with an average $731,000 loan are now paying $584 more per month than at the start of the year, so calling your bank to ask for a lower rate could save real money.
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