{"id":33260,"date":"2023-04-05T17:18:09","date_gmt":"2023-04-05T07:18:09","guid":{"rendered":"https:\/\/www.dnister.com.au\/?p=33260"},"modified":"2023-04-05T17:18:09","modified_gmt":"2023-04-05T07:18:09","slug":"mortgage-holders-reprieve","status":"publish","type":"post","link":"https:\/\/www.dnister.com.au\/uk\/mortgage-holders-reprieve\/","title":{"rendered":"Mortgage holders granted a reprieve as RBA puts interest rates on hold"},"content":{"rendered":"

And \u2026 exhale. After 10 straight rate hikes the Reserve Bank of Australia (RBA) has decided to put the official cash rate on hold. But for how long?<\/p>\n

The decision to keep the official cash rate at 3.60% will be welcomed by homeowners around the country after monthly repayments increased by about $1000 per $500,000 loaned (for a 25-year loan) since 1 May 2022.<\/p>\n

RBA Governor Philip said the RBA board took the decision to hold interest rates steady this month to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook.<\/p>\n

\u201cThe Board recognises that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt,\u201d\u00a0he said.<\/p>\n

However, while the cash rate was not increased at today\u2019s RBA meeting, Governor Lowe signalled there might be more rate hikes in the coming months.<\/p>\n

\u201cIn assessing when and how much further interest rates need to increase, the Board will be paying close attention to developments in the global economy, trends in household spending and the outlook for inflation and the labour market,\u201d\u00a0he said.<\/p>\n

How much have your repayments increased since 1 May 2022?<\/h3>\n

Let\u2019s say you\u2019re an owner-occupier with a 25-year loan of $500,000 paying principal and interest.<\/p>\n

The wave of 10 successive rate rises means the repayments on your mortgage have increased by about $985 a month compared to 1 May 2022.<\/p>\n

If you have a $750,000 loan, repayments will likely have increased $1,478 from 1 May 2022.<\/p>\n

Meanwhile, a $1 million loan is up about $1,980 from 1 May 2022.<\/p>\n

What happens if the cash rate increases further in future months?<\/h3>\n

Economists at the big four banks have forecast that the cash rate will peak at either 3.85% or 4.10% in the months to come (so, just one or two more cash rate hikes to go).<\/p>\n

Assuming you\u2019re an owner-occupier with a 25-year loan, here\u2019s how much more you could be paying each month if the cash rate reaches 4.10%:<\/p>\n

\u2013 $500,000 loan: approximately $75 extra per rate rise = up $1135 from 1 May 2022, to a total of approximately $3,470 per month.<\/p>\n

\u2013 $750,000 loan: approximately $112 extra per rate rise = up $1702 from 1 May 2022, to a total of $5,200 per month.<\/p>\n

\u2013 $1 million loan: approximately $150 extra per rate rise = up $2280 from 1 May 2022, to a total of $6,950 per month.<\/p>\n

Worried about your mortgage?<\/h3>\n

Despite today\u2019s reprieve, there\u2019s no denying that a lot of households around the country are feeling the pain after 10 successive rate rises.<\/p>\n

There are also lots of people on fixed-rate home loans wondering what options will be available to them once their fixed-rate period ends. \u201cWe have a range of lending products designed to cater to Members needs. Some options include refinancing which could involve increasing the length of your loan and decreasing monthly repayments, debt consolidation, or building up a bit of a buffer in an offset account ahead of more rate hikes\u201d said Dnister\u2019s Lending and Member Services Executive, Ivanka Bernyk.<\/p>\n

So if you\u2019re concerned about how you might meet your repayments going forward, give Dnister a call today. The earlier we sit down with you and help you make a plan, the better we can help you manage any further rate hikes.<\/p>\n

Get in touch<\/h3>\n

Call Dnister today on 1800 353 041 and arrange to speak with a Lending Specialist or book an appointment online.<\/a><\/p>\n

 <\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. In providing you with this information you should consider the appropriateness of this advice with regard to your particular financial situation and needs. We advise that you carefully read our Product Disclosure Statement and Financial Services Guide<\/a> before acquiring a product. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent. Applications are subject to Dnister credit assessment criteria. Interest rates are subject to change without notice and should be verified with your local branch. Terms and conditions, including fees and charges, apply. For full details on our products and an analysis of your personal requirements, please arrange for an appointment with one of our friendly lending staff by contacting your local Dnister branch.<\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

And \u2026 exhale. After 10 straight rate hikes the Reserve Bank of Australia (RBA) has decided to put the official cash rate on hold. But for how long? The decision to keep the official cash rate at 3.60% will be welcomed by homeowners around the country after monthly repayments increased by about $1000 per $500,000 […]<\/a><\/p>\n","protected":false},"author":12,"featured_media":33268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-33260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"\nMortgage holders granted a reprieve as RBA puts interest rates on hold - Dnister Bank<\/title>\n<meta name=\"description\" content=\"Mortgage holders granted a reprieve as RBA puts interest rates on hold And \u2026 exhale. 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