\u2018A piece of Brisbane\u2019s DNA\u2019: Historic home for sale<\/a><\/p>\n![\"Percentage](\"data:image\/svg+xml,%3Csvg)
<\/p>\n
Westpac has tipped three further rate hikes this year.<\/p>\n
Including the two hikes already this year, total monthly repayments could increase by $457 by August.<\/p>\n
If the hikes play out as Westpac expects, someone with a $600,000 mortgage at the start of the hikes, would end up paying an extra $3,280 in monthly repayments in 2026, compared to if there had been no hikes this year.<\/p>\n
On a $1m mortgage, it would be approximately $5,466 extra for the year in monthly repayments and even more in interest charges.<\/p>\n
<\/p>\n
Borrowers could be in for a tough couple of years. Picture: NewsWire \/ John Appleyard<\/p>\n
\u201cBorrowers could be in for a tough couple of years if Westpac\u2019s forecast for three further hikes and no rate cuts til 2028 comes to pass,\u201d said canstar.com.au\u2019s data insights director Sally Tindall.<\/p>\n
\u201cWhile the other big banks are tipping just one more hike, Westpac is now forecasting a far more aggressive path, which would take the cash rate to levels we haven\u2019t seen since the fallout from the GFC.<\/p>\n
\u201cThe flow-on effect of higher fuel costs has already started pushing up prices elsewhere. The RBA may feel like it has to act because once prices go up, they rarely come back down.<\/p>\n
\u201cThe government might have tried to soften the blow by halving the fuel excise, however, if the RBA then goes and hikes the cash rate, it could turn into a merry-go-round of money passed from the bowser to the banks.<\/p>\n
<\/p>\n
Westpac is forecasting the cash rate to hit levels we haven\u2019t seen since the fallout from the GFC.<\/p>\n
\u201cFor borrowers, know that this is only a forecast, not a done deal, but use it as a warning to get your finances, particularly your mortgage, in the best position possible.<\/p>\n
\u201cEven if you\u2019re not ready to switch lenders, it\u2019s worth negotiating with your bank. <\/p>\n
\u201cIn a competitive market, loyalty doesn\u2019t pay \u2013 but a simple phone call asking for a sharper rate might.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Borrowers could be in for a tough couple of years, says canstar.com.au\u2019s data insights director Sally Tindall. Australia…\n","protected":false},"author":2,"featured_media":555856,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-555855","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/555855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=555855"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/555855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/555856"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=555855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=555855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=555855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}