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Filipinos have mixed reactions to the increase in interest rates implemented by the Reserve Bank by 25 basis points, from low 0. 01 per cent to 0.35 per cent.
Highlights
- Reserve Bank last implemented a rate rise over a decade ago
- Top banks in the country join Reserve Bank in passing on full interest rate rise to customers
- Experts fear the rise of interest rates will have a domino effect on residents' basic needs
Former student turn entrepreneur Aldrin and wife Cherryl Dabuan from Young, New South Wales will first deliberate on his hospitality business [cafe and restaurant] and contemplate buying their dream house 2 to 3 years later.
The pair is definite that the rise in interest rates will add pressure on their plans, however, if their income is secure they can easily pay off the mortgage.
" We will first concentrate on our new business and once the income is secure we can consider buying our dream house. "
Lolet and her husband Leo Dalisay have been engaging in property investments since the year 1990's when they arrived in Australia.
The couple's main objective for investing in properties is to provide for their retirement and their sons' future.
At the moment they have had 3 properties and the recent one is up for construction in a few months.
"I'm worried that the new property costs $840,000 on the contract, however, with the rates increasing now I fear builders add extra costs like construction materials are getting expensive so I'll pay more," Lolet shares.
