Election 2022: The impact of increasing the official interest rate. Property expert Hendra Wijaya offers advice to both potential property buyers and sellers

SBS Indonesian

Reserve Bank governor, Philip Lowe addressing the National Press Club. . — Did the Reserve Bank wait too long to increase the official interest rate? Source: Photograph: Lisa Maree Williams/Getty Images.

At the beginning of May 2022 the Reserve Bank of Australia (RBA) lifted the official interest rate to 0.35%. This was an unusual move during an election campaign but the RBA said it was in response to rapidly rising inflation. Many people paying off mortgages became anxious about the impact of future increases in interest rates.

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Published 18 May 2022 10:27pm

By sri dean

Presented by sri dean

Source: SBS

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At the beginning of May 2022 the Reserve Bank of Australia (RBA) lifted the official interest rate to 0.35%. This was an unusual move during an election campaign but the RBA said it was in response to rapidly rising inflation. Many people paying off mortgages became anxious about the impact of future increases in interest rates.

Hendra Wijaya is the proprietor of Richardson and Wrench marketing and real estate. He explains to Sri Dean the possible impact of increased interest rates on our lives and offers suggestions to potential buyers and sellers of property in the current economic climate.