{"id":39791,"date":"2022-08-02T22:20:06","date_gmt":"2022-08-02T10:20:06","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39791"},"modified":"2022-08-02T22:20:06","modified_gmt":"2022-08-02T10:20:06","slug":"man-bought-a-home-last-year-expecting-rates-to-stay-low-the-rbas-string-of-rate-rises-has-left-him-struggling","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/man-bought-a-home-last-year-expecting-rates-to-stay-low-the-rbas-string-of-rate-rises-has-left-him-struggling\/","title":{"rendered":"Man bought a home last year expecting rates to stay low. The RBA&#8217;s string of rate rises has left him struggling"},"content":{"rendered":"<p><strong>PHOTO: Man Huynh\u00a0said he was told to expect no more than a percentage point of rate increases when he purchased his first home in October 2021.<cite class=\"_1EAJU _1ftZy _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__cite\">(<span class=\"_1EAJU _1s6pr _2L258 _1BqKa _3pVeq hmFfs _2F43D\" data-component=\"Byline\"><span class=\"_1EAJU _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Text\">ABC News: Rhiana Whitson<\/span><\/span>)<\/cite><\/strong><\/p>\n<p class=\"_1HzXw\">The Reserve Bank has increased interest rates for the fourth month in a row, raising its cash rate target by half a percentage point.<\/p>\n<div class=\"_3qLh5 _sBMB _1ilWc\">\n<section class=\"_3xJds _3tgJi\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\" data-uri=\"coremedia:\/\/teaser\/101292678\">\n<h2 class=\"_1EAJU hMmqO _316gH _1zBDU _1BqKa _2AH39 _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"qkR3W\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">The RBA has raised interest rates by 0.5 of a percentage point<\/li>\n<li class=\"\" data-component=\"ListItem\">The cash rate target has now increased by 1.75 percentage points since the start of May to 1.85 per cent<\/li>\n<li class=\"\" data-component=\"ListItem\">The rise in the cash rate since early May will add about $472 a month to repayments on a $500,000 loan<\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p class=\"_1HzXw\">The RBA has now lifted its benchmark interest rate by 1.75 percentage points since its first rate rise in May, with the cash rate target sitting at 1.85 per cent.<\/p>\n<p class=\"_1HzXw\">In his post-meeting statement, Reserve Bank governor Philip Lowe said the latest rate rise was unlikely to be the last this year.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/homeowners-beware-reserve-bank-of-australia-issues-a-chilling-warning-that-will-have-all-mortgage-holders-worried\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2018\/08\/Reserve-Bank-of-Australia-Governor-Philip-Lowe-460x270.jpg\" alt=\"Reserve Bank\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2018\/08\/Reserve-Bank-of-Australia-Governor-Philip-Lowe-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/homeowners-beware-reserve-bank-of-australia-issues-a-chilling-warning-that-will-have-all-mortgage-holders-worried\/\" rel=\"bookmark\">Homeowners beware: Reserve Bank of Australia issues a chilling warning that will have all mortgage holders worried<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"_1HzXw\">&#8220;The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path,&#8221; he said.<\/p>\n<p class=\"_1HzXw\">&#8220;The size and timing of future interest rate increases will be guided by the incoming data and the board&#8217;s assessment of the outlook for inflation and the labour market.<\/p>\n<p class=\"_1HzXw\">&#8220;The board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.&#8221;<\/p>\n<figure class=\"_247xw _3qLh5 _sBMB _3pBTa\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"101293626\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/101293626\">\n<div class=\"_3poXF\" data-component=\"IntersectionObserver\">\n<div class=\"_1Axyg\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"jMqWO _1PHKk\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/8b0a47c4def7d9357cae7f9e4fbe30cc?impolicy=wcms_crop_resize&amp;cropH=2176&amp;cropW=3264&amp;xPos=0&amp;yPos=86&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"Woman in suit stands in front of Westpac corporate signage\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"101293626\" class=\"_1EAJU _2_dbS _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__figcaption\"><em><strong>Besa Deda is the chief economist for St George Bank and Westpac Business Bank.<cite class=\"_1EAJU _1ftZy _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__cite\">(<span class=\"_1EAJU _1s6pr _2L258 _1BqKa _3pVeq hmFfs _2F43D\" data-component=\"Byline\"><span class=\"_1EAJU _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Text\">ABC News: Daniel Irvine<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p class=\"_1HzXw\">St George Bank chief economist Besa Deda said the Reserve Bank had already raised rates faster than any time since 1994, but she expected more.<\/p>\n<p class=\"_1HzXw\">&#8220;We think their cash rate could have a\u00a03-handle on it by the end of this year, because inflation is running at its fastest rate since the early 1990s,&#8221; she told The Business.<\/p>\n<div class=\"_14Wz0 _3qLh5 _sBMB\" data-component=\"EmphasisedText\">\n<p class=\"_1HzXw\">&#8220;We are expecting that the Reserve Bank will deliver rate hikes for every board meeting until February next year.&#8221;<\/p>\n<\/div>\n<h2 class=\"_1EAJU hMmqO SYcM3 zwVFG _1BqKa _3AExf _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"Heading\">&#8216;Real risk&#8217; of recession<\/h2>\n<p class=\"_1HzXw\">Mr Lowe acknowledged that would be a difficult task.<\/p>\n<p class=\"_1HzXw\">&#8220;The board places a high priority on the return of inflation to the 2-3 per cent range over time, while keeping the economy on an even keel,&#8221; he warned.<\/p>\n<div class=\"_14Wz0 _3qLh5 _sBMB\" data-component=\"EmphasisedText\">\n<p class=\"_1HzXw\">&#8220;The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments.&#8221;<\/p>\n<\/div>\n<p class=\"_1HzXw\">The managing director of EQ Economics and former ANZ Bank chief economist, Warren Hogan, warned that a recession was a &#8220;real risk&#8221; if the Reserve Bank raised interest rates too fast.<\/p>\n<p class=\"_1HzXw\">&#8220;I think they just need to be patient with this tightening cycle and try and get this inflation under control over a couple of years, rather than rush it and try and get it done within a year,&#8221; he cautioned.<\/p>\n<aside class=\"_3qLh5 _sBMB _1ilWc cj-aC\" data-component=\"RelatedCard\" data-uri=\"coremedia:\/\/article\/101292480\">\n<div class=\"_8ozWK\" data-component=\"CardBox\">\n<h3 class=\"_1EAJU hMmqO MaLKt NHr4j _316gH _1zBDU _1BqKa _2AH39 _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"CardHeading\"><span class=\"_3agD2\" data-component=\"KeyboardFocus\">RBA review offers promise<\/span><\/h3>\n<div class=\"_2mnnz _1vrxI _1Gx7i _2gSqv\" data-component=\"CardLayout\">\n<div class=\"_16eiR\">\n<p class=\"_1EAJU _3V31R _2L258 _1BqKa _25ANV hmFfs\" data-component=\"Typography\">While the<a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Reserve+Bank+of+Australia&amp;submit=Search\"> Reserve Bank of Australia<\/a> is obviously the main focus of the upcoming review, it could end up delivering more important lessons for the federal government and Treasury.<\/p>\n<\/div>\n<div class=\"_3nQI7 _1P5AM _2PGTd _2paT0\">\n<div class=\"_3poXF\" data-component=\"IntersectionObserver\">\n<div class=\"_1Axyg\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"jMqWO _1PHKk\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/f2fa93c8e605b412e07f8fc479efb6d0?impolicy=wcms_crop_resize&amp;cropH=559&amp;cropW=995&amp;xPos=164&amp;yPos=0&amp;width=862&amp;height=485\" alt=\"Two women wearing work attire walking past the Reserve Bank of Australia offices in Sydney.\" data-component=\"Image\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p class=\"_1HzXw\">He also told the ABC&#8217;s AM program that\u00a0many of the threats to the economy were partly of the Reserve Bank&#8217;s own making.<\/p>\n<p class=\"_1HzXw\">In particular, he singled out the RBA&#8217;s statements until late last year that interest rates were unlikely to rise from near-zero until at least 2024, which he said\u00a0lured many people to borrow too much money.<\/p>\n<p class=\"_1HzXw\">&#8220;I think the first home buyers are the ones who have the most significant grievance,&#8221; he told AM.<\/p>\n<p class=\"_1HzXw\">&#8220;When they first start that, they&#8217;re the most vulnerable to higher rates.\u00a0And to be told by the central bank that rates will stay where they are, no matter how much conditionality they put on it, that nuance is lost on the broader community.<\/p>\n<div class=\"_14Wz0 _3qLh5 _sBMB\" data-component=\"EmphasisedText\">\n<p class=\"_1HzXw\">&#8220;And now they&#8217;re staring down the barrel of the most significant tightening of monetary policy in the modern era.&#8221;<\/p>\n<\/div>\n<figure class=\"_247xw _3qLh5 _sBMB _3pBTa\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"abc-:R1icm9ler:\" data-component=\"Figure\" data-uri=\"coremedia:\/\/video\/14000262\">\n<div class=\"RbU2j _3zGsI\" title=\"The Reserve Bank's rationale behind fourth successive hike\" data-component=\"Player\"><time class=\"_1EAJU _2L258 _1BqKa _25ANV hmFfs\" data-component=\"Typography\" aria-hidden=\"true\"><abbr title=\"seconds\"><\/abbr><\/time><\/p>\n<div id=\"14000262\"><\/div>\n<div class=\"_2O5la\">\n<div class=\"_3poXF\" data-component=\"IntersectionObserver\">\n<div class=\"_1Axyg\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"jMqWO _1PHKk\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/289c7724b05402cd251b4d0cf8f1bbd3?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\" alt=\"Play Video. Duration: 3 minutes 52 seconds\" data-component=\"Image\" \/><\/div>\n<\/div>\n<\/div>\n<\/div><figcaption id=\"abc-:R1icm9ler:\" class=\"_1EAJU _2_dbS _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__figcaption\"><em><strong>The Reserve Bank&#8217;s rationale behind fourth successive hike<\/strong><\/em><\/figcaption><\/figure>\n<p class=\"_1HzXw\">Figures from RateCity show the latest rate rise, if passed on in full by banks, will add another $140 a month to repayments on a $500,000 home loan.<\/p>\n<p class=\"_1HzXw\">Since rates started rising on May 3, someone with a $500,000 loan would be paying $472 a month more if their bank had simply matched the RBA moves.<\/p>\n<div data-component=\"Iframe\" data-print=\"inline-media\" data-uri=\"coremedia:\/\/interactive\/101148964\"><iframe class=\"_3qLh5 _sBMB _24PXN lazyload\" title=\"Loan repayments calculator (600k loan, 30 years, 4.5% interest rate, 0.5% increase)\" data-src=\"https:\/\/www.abc.net.au\/res\/sites\/news-projects\/interest-rate-change-calculator\/0.3.0\/?abcnewsembedheight=500&amp;loan=600000&amp;years=30&amp;rate=4.5&amp;change=0.5\" height=\"453\" data-mce-fragment=\"1\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/div>\n<h2 class=\"_1EAJU hMmqO SYcM3 zwVFG _1BqKa _3AExf _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"Heading\">&#8216;It&#8217;s gonna be rough&#8217;<\/h2>\n<p class=\"_1HzXw\">Man Huynh is one of those first home buyers struggling with the unexpected surge in mortgage repayments.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2022-08-02\/reserve-bank-interest-rate-rise\/101292420\">ABC<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR IN NEW ZEALAND<\/span><\/h3>\n<ul class=\"wpp-list wpp-list-with-thumbnails\">\n<li><a href=\"https:\/\/www.propertynoise.co.nz\/nbr-rich-list-2022\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" class=\"wpp-thumbnail wpp_featured wpp_cached_thumb lazyload\" data-src=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img,w_75,h_75\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93983-featured-75x75.jpg\" data-srcset=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93983-featured-75x75.jpg, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93983-featured-75x75@1.5x.jpg 1.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93983-featured-75x75@2x.jpg 2x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93983-featured-75x75@2.5x.jpg 2.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93983-featured-75x75@3x.jpg 3x\" alt=\"Graeme Hart\" width=\"75\" height=\"75\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 75px; 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The RBA&#039;s string of rate rises has left him struggling - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/man-bought-a-home-last-year-expecting-rates-to-stay-low-the-rbas-string-of-rate-rises-has-left-him-struggling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Man bought a home last year expecting rates to stay low. The RBA&#039;s string of rate rises has left him struggling - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: Man Huynh\u00a0said he was told to expect no moreRead More &rarr;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/propertynoise.co.nz\/au\/man-bought-a-home-last-year-expecting-rates-to-stay-low-the-rbas-string-of-rate-rises-has-left-him-struggling\/\" \/>\n<meta property=\"og:site_name\" content=\"Property News Australia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PropertyNoiseNZ\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-02T10:20:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/08\/Man-Huynh.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"862\" \/>\n\t<meta property=\"og:image:height\" content=\"575\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Property Noise Group\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@propertynoisenz\" \/>\n<meta name=\"twitter:site\" content=\"@propertynoisenz\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Property Noise Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/propertynoise.co.nz\\\/au\\\/man-bought-a-home-last-year-expecting-rates-to-stay-low-the-rbas-string-of-rate-rises-has-left-him-struggling\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/propertynoise.co.nz\\\/au\\\/man-bought-a-home-last-year-expecting-rates-to-stay-low-the-rbas-string-of-rate-rises-has-left-him-struggling\\\/\"},\"author\":{\"name\":\"Property Noise Group\",\"@id\":\"https:\\\/\\\/propertynoise.co.nz\\\/au\\\/#\\\/schema\\\/person\\\/175c8981af50e593000aa8ad7aab9d84\"},\"headline\":\"Man bought a home last year expecting rates to stay low. 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