Huggies Forum

Interest Rate Hike Rss

So many people on here seem to live week to week - will this interest rate rise really stuff you?

With DH line of work, interest rates go up, people go bankrupt, businesses close, they make more money. So they are welcoming it with open arms.

I feel so sorry for people who can't afford it. Let's hope this is the last one for a while.

I live fortnight to fortnight on my little pocket-money style pay! (only work 28hrs a f/n LOL!) but luckily DH doesn't! I don't think I could handle that stress and am in awe of people who manage to do it.

I'm not a fan of interest rate rises - would prefer that money stay in our pockets - not those of some money-grubbing bank. But I guess until people start to take the stop spending message seriously, they'll keep going up!
I am a lucky one I suppose, we bought our house 14mths ago and have our rate fixed for 3 yrs... so this doesn't affect me personally except when banks follow suit on personal loans and credit cards etc...

No looking forward to the end of my fixed term.

Luke & ~Rhiarna~ 13.05.04 & Ryan 26.03.07

I'm not happy about it but there's not alot you can do to stop it.

This will the first time that we'll have to actually increase our repayment as we've always managed to be paying above the minimum. Luckily i've just returned to work and i get my first pay this week...yay!!!!

I wouldn't say we are poor people but i really don't know how people manage either??? It must put so much stress on the relationship at the same time...
Oh Stephanea I agree with you, we are trying to buy a house and its just getting ridiculous, we dont have enough money to just 'spend' either. I dont think its fair.
We fixed our mortgage 8 months ago for 2 years, thank goodness, seeing as theres been about 3 rises since then.

With the price rises though general necessities are becoming so expensive e.g fruit & veg, meat, nappies, tampons etc.

Hence why I had to return to work.

Sasha & Willum my beautiful kiddies

Oh had to add, What about the price of prescriptions from the Chemist. O M G it's like people won't be able to afford to A: Go to the doctor and then B: buy the medicine to make them better.

That's my whinge at the moment.

Sasha & Willum my beautiful kiddies

Definately sucks. With this new home deposit savings accounts they are doing, I don't think it will help if the rates and house prices keep rising. If u wait the 5 years to save enough deposit, everything will be more expensive anyway.

DH and I had to sign up for a 11.2% intrest rate for 2 years. We are paying $560/wk house payments. So atm, we are already paying above the current rates. I am currently looking at refinancing our loan (even if we have to break our contract and pay more to switch. Might save us in the end??)

We chose to accept this high interest rate because over the 2 years, we are paying $1300 more than we would on a lower rate. We figured, the price of houses would go up by this much anyway. At least we have got a foot in the door.

The only thing that sucks is as soon as we moved into our house, we lost our rent assistance through centrelink, and it looks like we earn lots of money so we are still paying maintenence the same as before because they don't take into account what DH needs to spend to live. Only his earnings.

It's definately a struggle.
this hasnt affected us yet.

we bought this house about 2 1/2 years ago and got it fixed for 5 years so we are still on the 6.8% interest rate, though we come off it in 2 1/2 years so we will feel it then.

as long as we got our car paid off by then we should be fine.

its rediculous the cost of living these days.
We've already had one. We got screwed over with RAMS, so westpac took them over and had a interest rise and now westpac has been taken over by some other company which also had an interest rise. We are now looking at 9% for our interest on our home.

Luckily, we are getting a fixed rate and switching our mortgage over to someone else this month or in March.

We live pretty much week to week but are comfortable. I think the whole thing just annoys me lol even though we have enough at the end of the week to buy someone we want.

My SIL is a mortgage broker and they are estimating the interest rate at the end of the year to be around 12-14%
Haven't slept properly since the last rate rise in January. We have been in our house about 20 mnths and have had about 7 interest rate rises.
We tried to change it to a fixed rate, but couldn't change it.
I've never fought so much with my hubby and I hate it.
I'm currently looking for some part time work so that I can help out.

I can't help but wish we hadn't of got this house. But we were FINE before the 7 or so rate rises.

I really feel for anyone who is struggling. Whether it be a little struggle or a big one. Its not fun.

Why couldnt you change it to fixed Honey??????? You should be able to break any contract or even refinance so you could have got it fixed. Where they charging horrendous fees to break????

its a horrible time atm and it doesnt look like changing unfortunately, hope you get a job soon, good luck
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