'The longer you wait to make changes, the bigger the bind you'll find yourself in.' 9News
on variable rates could be paying an extra $443 a month on their home loan by Christmas if the Reserve Bank of Australia's technical modelling is realised.
If the cash rate then increases to 2.5 per cent by the end of 2023, that same borrower could be paying $651 extra than they were since rate hikes began. "The average borrower is potentially staring down the barrel of $651 hike in total to their monthly repayments by the end of next year. That's like buying a new dishwasher every single month."Tindall recommended borrowers map out what their worse-case scenario is to prepare for changes in the household budget.
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