Significant Decrease in Borrowing speculated for Homebuyers

According to realestate.com.au, there have been increases to almost 3000 fixed-rate home loans for the past 90 days. It's speculated that there will be hikes in future interest rates.

Potential homebuyers could manage to have their borrowing capacity decreased by tens of thousands of dollars within a matter of months.

The Reserve Bank of Australia will meet Tuesday for the first time this year, but has kept the cash rate steady at 0.10 per cent since November 2020.
RBA Governor Philip Lowe has constantly claimed during the pandemic that he didn't expect gains until late 2023 at the earliest.

Westpac announced that there are expectations for the cash rate to reach 1.75 per cent by 2024.

There are predictions by the big banks that there will be interest rate rises for the following month:
August 2022, October 2022, March 2023, June 2023, December 2023 and March 2024

Steve Mickenbecker, Canstar's financial services group executive, has this to say.

"When the Reserve Bank hits the button on cash rate increases, history shows that it doesn't stop at one or two hikes, and usually results in at least a 1.5 per cent increase over 18 months or so,"he said.