HLIR023 What Higher Rates Mean for You (658 words)

Higher interest rates can put pressure on mortgage repayments and household budgets, but they can also create opportunities for savers. This article explores the impact of rising rates and ways to manage money in a higher-rate environment.

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Another interest rate rise. If you have a mortgage, that probably isn't the news you wanted.

On 30 September, the Reserve Bank increased the cash rate by 0.25 percentage points to 4.60%. It is the highest cash rate since 2011, with the RBA pointing to inflation that remains too high and recent economic data that has been stronger than expected.

For many households, the immediate question is simple: what does this mean for my mortgage and my household budget?
But higher interest rates aren't necessarily all bad news.