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Home > It's official... Another $40 p/m extra

It's official... Another $40 p/m extra

February 7th, 2008 at 12:33 am

So, the reserve bank did increase our official rate to another 1/4%. So for us it means another $35-$40 per month in interest extra to pay.

Not only is our inflation is getting out of control, which making everything else very expensive to buy but housing is really expensive right now.

I guess this is good for our retirement investments, but retirement is 30+ years away!

Although, DH and I are pretty lucky to have bought a house when the prices weren't as crazy as it is now. Right a lot of people can't afford to buy there own house. And with this new interest increases a lot of people will be force to foreclose thier homes. They predict that thousands of people could loss their homes this year (keep in mind Aust only has a population of just over 20million).

So, eventhough I am complaining about it, overall we are very lucky. We have some savings and our only small amount CC debt is very low rate for the life of it.

Posted in Random Talk | 1 Comments »

1 Responses to “It's official... Another $40 p/m extra”

  1. reflectionite Says:
    February 7th, 2008 at 06:29 am 1202365752
    1202365752

    hmmm. it worries me everytime the interest rates go up, my bf and i really want to buy a home (he is a tradie, so we will be able to gradually do the renovation thing - fix up - resell etc) and everytime they do go up it just makes it even more harder for us to even THINK about it. i just loathe renting, i feel like it's dead money. hopefully you guys will stick in there anyway, you sure are lucky to own a house! Smile

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