May 2022

At its meeting today, the Board decided to raise the cash rate to 0.35%

The Governor of the RBA, Philip Lowe’s, statement is available in full CLICK HERE

We will hear from lenders over the coming days to see when they will increase their variable rates.

In the meantime, here are some tips that might help you to cover your increased loan repayments –

Set a household budget, and stick to it
Making extra repayments on your home loan
If you have an offset a/c, ensure all your savings are sitting in it, which will offset interest on your home loan.
Eliminate any credit card debt. Don’t just pay the minimum amount due, but work towards paying off the credit card, and avoiding interest being charged.

Please reach out if you need some advice.

Wishing all the lovely Mums a Happy Mother’s Day on Sunday….I hope you get to have a relaxing day!