05/04/2023
Ouch. The new Official Cash Rate is 5.25%. This is the highest it has been since the 2008 financial crisis.
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We could see rates going up in the near future, but most lenders have factored this is so they might not be enormous.
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The Reserve Bank are doing this to combat inflation. Higher interest rates lead to less borrowing and more saving.
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Flick Josh a DM if you want to discuss your situation π