The phrase “spiralling interest rates” is becoming a frightening refrain for many Southern Highlands mortgagees who are cutting back on luxuries to meet tougher home loan repayments.
Official interest rates are now the highest for 12 years, at 7.25 per cent, with banks expected to respond by putting up their interest rates for the second time in as many months.
Linda Rae and her husband, Steven, bought their first home in Mittagong eight months ago and were concerned by the Reserve Bank's decision to lift rates.
“We've worked out we've had four interest rate (rises) in the time we've been here,” Mrs Rae said.
"We didn't think there would be so many so quickly."
Full story SHN Friday, February 7.
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