18 lenders have quietly jacked up home loan rates already <\/a>in September, with Macquarie Bank dropping the latest bombshell on Thursday, lifting fixed rates for the second time in three weeks \u2013 following similar rate increases from sixth-placed ING as well as the big four CBA, Westpac, NAB and ANZ.<\/p>\nThe next RBA Board meeting and official cash rate announcement will be on the 29th September 2026.<\/p>\n
Finder\u2019s analysis warned that an average Aussie home loan of $736,259 would see monthly repayments jump by $427 a month compared to January if the RBA hikes on Tuesday \u2013 and if experts are right about two hikes by Christmas, average borrowers will kick off 2027 paying an astonishing $542 extra every single month compared to the same time this year.<\/p>\n
That\u2019s a massive $6,509 annual hit to average homeowner household budgets compared to 12 months prior.<\/p>\n
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Mortgage repayment increases on average home loan of $736,259. Source: Finder<\/p>\n
AMP chief economist Dr Shane Oliver warned the RBA\u2019s credibility is on the line if it fails to act now.<\/p>\n
\u201cWhile the RBA is meeting its full employment objective, this is not the case for its inflation objective, with underlying inflation running well above target,\u201d Dr Oliver said.<\/p>\n
\u201cAfter more than five years of having inflation above target, the RBA risks further losing its credibility if it decides to extend its wait-and-see approach.\u201d<\/p>\n
Pathfinder Consulting\u2019s Peter Boehm warned the Reserve Bank\u2019s hand is being forced into pushing the nation closer to economic fallout.<\/p>\n
\u201cThere is no alternative but to increase rates at the expense of pushing up the unemployment rate and possibly pushing the economy into recession,\u201d he said.<\/p>\n
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AMP chief economist Dr Shane Oliver. Picture: NewsWire \/ John Appleyard<\/p>\n
QUT adjunct professor Noel Whittaker slammed the expected RBA move, warning mortgage holders were being unfairly punished for global cost drivers beyond their control.<\/p>\n
\u201cIt will be a fairly pointless exercise,\u201d Mr Whittaker warned. \u201cHigher rates will hit people with mortgages hard, while doing little to address the global forces now driving inflation.\u201d<\/p>\n
Finder home loans expert Richard Whitten urged desperate borrowers to take action immediately before Tuesday\u2019s decision.<\/p>\n
\u201cHouseholds got a short break over winter, but the data has turned and the experts think the RBA has no choice but to move again,\u201d Mr Whitten said.<\/p>\n
\u201cIf your rate already starts with a \u20186\u2019 or a \u20187\u2019, it\u2019s worth picking up the phone. A quick call to your lender, or a switch to a more competitive loan, could save you more than the RBA is about to cost you.\u201d<\/p>\n
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Finder home loans expert Richard Whitten.<\/p>\n","protected":false},"excerpt":{"rendered":"RBA governor Michele Bullock runs the risk of losing credibility if they do not act on inflation. Picture:…\n","protected":false},"author":2,"featured_media":904713,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[43,44,41,39,42,40],"class_list":["post-904712","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/904712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=904712"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/904712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/904713"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=904712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=904712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=904712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}