Interest rates just gone up.

[TroyGFC]

Just tunes into the tv and it said interest rates now 6.25% up about a quater of a %. Well cheers Little Johnny Howard you liar for the extra $27 through your crappy IR rules you little weasle!!! Hope when your laying down to rest someone pisses on your grave!!
End of my soapbox spill.

[mal]

Just tunes into the tv and it said interest rates now 6.25% up about a quater of a %. Well cheers Little Johnny Howard you liar for the extra $27 through your crappy IR rules you little weasle!!! Hope when your laying down to rest someone pisses on your grave!!
End of my soapbox spill.

How can you tell when a Politician lies ?
When he moves his lips.

[Wedgie]

Did he ever say interest rates wouldn't go up under a Liberal government or did he just say interest rates under a Liberal government would be lower than those of a Labor government?
Big difference.

PS I blame the Labour government for the last 2 interest rises by their pressure on the RBA to get rid of Rob Gerard. Rob Gerard would have looked after the battler if he was still there

[am Bays]

Did he ever say interest rates wouldn't go up under a Liberal government or did he just say interest rates under a Liberal government would be lower than those of a Labor government?
Big difference.

What he said....It amazes me how the media and members of the opposition (all parties and love to misquote) those in government.....

I'm struggling to think of a Hawke and Keating example where their promises were misquoted as it was so long ago.....

Anyone who remotely thought that Interests rates weren't going to go up post 2004 were living in LA LA land after 10 years of declining rates and an accelerating housing market in 2003-04 it was only natural that rates were going to go up in 2005-06....

I'll stand corrected but the official cash rate is lower now that what it was in March 1996.....by about 2%

[Booney]

Tough decisions to be made by home owners in the near future.We come out of our fixed rate in 3 months,now we need to decide to go variable (who knows,it might go up again,but one would doubt that) or to fix at an inflated rate (with the possibility of a drop during the fixed period).

[mal]

Tough decisions to be made by home owners in the near future.We come out of our fixed rate in 3 months,now we need to decide to go variable (who knows,it might go up again,but one would doubt that) or to fix at an inflated rate (with the possibility of a drop during the fixed period).

Just put more on BAYMANS trots tips.

[TroyGFC]

Im with you Booney, my fixed for 5 years runs out mid next year with a massive jump from 5.00%. I got my loan fixed when at one of lowest before all started going up. So far looks like extra $120 per month so not looking forward to it.

[MightyEagles]

Did he ever say interest rates wouldn't go up under a Liberal government or did he just say interest rates under a Liberal government would be lower than those of a Labor government?
Big difference.

PS I blame the Labour government for the last 2 interest rises by their pressure on the RBA to get rid of Rob Gerard. Rob Gerard would have looked after the battler if he was still there

How would John known if it would be higher under Labour, he doesn't because the Liberals are in Power. The interest rates might have gone up at the same rate under Labour and the Libs would have gone see the rate has gone up and that it wouldn't have gone up that much under us.

[MightyEagles]

Im with you Booney, my fixed for 5 years runs out mid next year with a massive jump from 5.00%. I got my loan fixed when at one of lowest before all started going up. So far looks like extra $120 per month so not looking forward to it.

Should fix it when the rate is on the way down and keep paying the same amount, that way the loan is paid off a little quicker and the banks hate when people do that, less interest.

[Wedgie]

How would John known if it would be higher under Labour, he doesn't because the Liberals are in Power. The interest rates might have gone up at the same rate under Labour and the Libs would have gone see the rate has gone up and that it wouldn't have gone up that much under us.

That's not the point, and he can't, its merely conjecture but probably educated conjecture (and a bit of selling).
But its the difference between an outright lie and conjecture/possible accurate comment.
His conjecture would probably be based on historical details which is probably fair enough as that's all you could go on.
Liberal have traditionally had stronger economic performances while in government so that would have been a factor too.

Im just asking the question, did he actually say interet rates wouldn't go up? If so, provide me with a link and I'll jump on the "he's a liar" bandwagon.
If not, perhaps do some research before flying off the handle.

[Lunchcutter]

I do not have a big problem with this ... I think it will be those who are well over-committed (or got sucked in to a line of credit and have continued to use the equity in the asset) that will really feel the pinch... we always need to be looking ahead in thise times.. i do feel a little sorry for those with the average 200 odd thousand mortgage - (i am not one of these thank goodnesss)

[Booney]

Im with you Booney, my fixed for 5 years runs out mid next year with a massive jump from 5.00%. I got my loan fixed when at one of lowest before all started going up. So far looks like extra $120 per month so not looking forward to it.

Should fix it when the rate is on the way down and keep paying the same amount, that way the loan is paid off a little quicker and the banks hate when people do that, less interest.

And,do tell,how the farg am I supposed to know when it is on it's way down? This is not what we are talking about mate,it's going up at the moment.If I was in a fixed loan when the rates went down,I would also be a little unhappy.

[smac]

I reckon not many people have a mortgage for less than 10 years. Most likely even longer. During that time, surely you are going to cop some hits (like it seems some are now) and you are going to have some wins (like some of you have had in the past).

Surely you cannot expect to win every time your fixed rate comes up for renewal?

[mal]

Simple fact.
When Interest rates go up it is meant to stop Inflation going up.
Politicians will constantly remind you of this.

[Booney]

Im not saying that at all smac,Im just saying we need to,for the first time in our home ownership lives make a decision that will impact on our lifestyle like never before.I have been very fortunate when buying my first home,then when I sold and upgraded to the house I am currently in I made a substantial profit.All of this will lessen the impact any interest rate rise will have on me,but,it will still make a difference to whether I go fixed or variable.

[am Bays]

FWIW Booney I reckon we've seen the last of the rate rises for a while, and IIRC, I heard the economic boffins state that in the next 12 months rate are more liely to fall than rise.......

Call me cynical but the Governements complicity in the current rates rises (i.e they have barely argued agaisnt them) illustrates to me that 12 months out from an election they are happy to wear the "heat" now, knowing that the breaks that will applied to the economy over the next six months will more than likley lead to a rates cut (maybe two) prior to the next the election.....

I shopped areound and got some "advice/guesstimates" in August last year when locking our rates for the next three years knowing that short term rates were likely to rise but then start falling again towards the end of the 3 year period....

Speak to any mates you might have in the finance/banking industry and get them to give you soem advice......

[Dutchy]

FWIW Booney I reckon we've seen the last of the rate rises for a while, and IIRC, I heard the economic boffins state that in the next 12 months rate are more liely to fall than rise.......

Call me cynical but the Governements complicity in the current rates rises (i.e they have barely argued agaisnt them) illustrates to me that 12 months out from an election they are happy to wear the "heat" now, knowing that the breaks that will applied to the economy over the next six months will more than likley lead to a rates cut (maybe two) prior to the next the election.....

I shopped areound and got some "advice/guesstimates" in August last year when locking our rates for the next three years knowing that short term rates were likely to rise but then start falling again towards the end of the 3 year period....

Speak to any mates you might have in the finance/banking industry and get them to give you soem advice......

well said Tassie - I work in the finance industry and would stick with variable for the moment (also have 2 mortgage ATM myself), it should drop next year, the governemnt also knows that while the current increases can mostly be sustained by the population another 1-2% couldnt, cant see it getting much higher.

I started doing Home Loans back in the late 90's and some customers fixed at 9% int he mid nineties only for it to drop to 7% and below, many paid an exit fee out of these of a few grand just ot tkae the lower rate.

Disclaimer - My opinion only!

[Booney]

As I have stated Tassie,my mortgage is not large enough (lucky for me) for this to have much of an impact on me.I am merely speaking for the vast majority of home owners.I also know a Manager of a banking institution who,believe it or not,has some flexibility in the rates attached to my loan (usually a 1/4% can be docked ),which I make sure I make the most of,trust me.This is more of an issue for the whole country to be concerned with.

[Dutchy]

Ill also add hat we cant complain too much....we have been very very very lucky in the last decade with interest rates, late eighties early nineties it was 17+%

watch out for the blue rinses out there with fat wallets this year, they are rapt with the interet rate rises!

the other positive is our super funds will be ticking along nicely

[another grub]

Bad day on the punt ....then u get hit with an interest rate rise.....aint life grand!!!!