Original article by Nila Sweeney
The Australian Financial Review – Page: 31 & 32 : 7-Dec-22

The average standard variable interest rate for an existing mortgage loan will rise to 5.86 per cent after the Reserve Bank of Australia increased the cash rare by 25 basis points to 3.1 per cent on Tuesday. Shane Oliver of AMP Capital says the current monetary policy tightening cycle is likely to peak in early 2023, but he cautions that the negative impact of eight rate rises since May will continue to weigh on the housing market well into next year. He expects house prices to fall by another 9-10 per cent, while the number of distressed sales will rise as more borrowers’ fixed-interest rate loan periods expire.

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