weekender the western
www.westernweekender.com.au
PENRITH’S #1 NEWSPAPER
Friday, June 10, 2022 • FREE
Shop 4, Memory Mall 429 High Street, Penrith
WIN HARRY STYLES CONCERT TICKETS IN TODAY’S PAPER!
HARRY FEVER EPIC TICKET GIVEAWAY SEE PAGE 10
MORE RATE HIKES COMING AS COST-OF-LIVING PRESSURES MOUNT
RATE RISE TO HIT HARD TROY DODDS
Already dealing with skyrocketing grocery and petrol prices, the Reserve Bank’s decision to raise the cash rate by 50 basis points will be a kick in the guts to many locals.
The average home owner with a $600,000 mortgage will likely have to find around $159 extra every month, or close to $2,000 a year, to cover the fresh interest rate rise. Those with a $900,000 mortgage will face a $238 monthly hit, or close to $3,000 in extra repayments per year.
But the worst could still be to come, with many experts predicting more increases. “While the rise in monthly repayments this month is relatively moderate, homeowners need to ready themselves for sizable hikes in the months to come,” said RateCity Research Director, Sally Tindall.
WW47996
ADVERTISEMENT
WW47998
JOIN PENRITH'S LEADING GYM YOGA & REFORMER PILATES 5OM INDOOR HEATED POOL OUTDOOR TRAINING GROUP FITNESS PERSONAL TRAINING OPEN GYM FLOOR CRECHE CAFE BOXING FREE PASS (02) 47 600 700
16-19 LAMBRIDGE PLACE, PENRITH
78-88 TENCH AVENUE, JAMISONTOWN
“Two rate hikes aren’t going to magically cure Australia’s inflation woes. The RBA will need to hike again, potentially as early as next month and from there they could continue to come thick and fast.” Full story on » p. 6