OCR hike adds strain for homeowners
Morning Report
English - October 05, 2022 19:21 - 3 minutes - 2.94 MB - ★★★★ - 11 ratingsNews Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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Some homeowners are feeling a heavy strain as a result of interest rate hikes, with the Official Cash Rate lifted a further 50-basis points yesterday, to 3.5 percent.
The hike was expected, and is the eighth straight increase in the OCR.
Loan Market director Bruce Patten says some home owners, or soon to be home owners, are facing a year of pain due to the hikes.
He also says the uncertainty is making matters worse.
Patten spoke to Corin Dann.