We’ll I bet on “So You Think” but I put it each way so I did ok. I know, someone in my financially precarious situation shouldn’t be gambling but it was the Melbourne Cup, it was $10 and frankly who wouldn’t back Bart for a 13th Cup? What I wasn’t betting on was a Melbourne Cup Day rate rise. Thanks Glen Stevens you’re a champ. It seems I wasn’t alone in think that rates were on hold, at least for the moment. The Reserve Bank seems to think like a mother putting shoes on a kid; better tighten the laces that little bit more than necessary just in case they come off.
A .25% rate rise isn’t much but it’s an extra $100/month I’ll have to find when I only had $7 spare a week. My lender hasn’t formally put their rates up yet but I’m certain they’ll pass the whole thing on and maybe then some. I’m thinking the car will have to be the thing to cut.
I do feel sorry for people who bought in August 09. Their interest rates have gone up by 2.25% since then. Based on an average mortgage of $330,000. 00 that’s $ I don’t know where I’d find that money.
