Australia’s Reserve Bank has hit pause on interest rates after ten successive hikes, but for many Australians, the pain it has inflicted is about to begin.
The Bank says more than one million households will come off ultra-low fixed-rate mortgages this year and the next, some of those rates fixed for as low as 1.95%. They will be pushed onto loans as high as 5%, meaning that if they borrowed $600,000, instead of paying $2,500 per month they’ll be paying $3,500.
