Morgage rates in aus !!????

[WAITINGGAME]

Hi

 

I have been doing a little research into morgage rates in Oz, and somebody has just told me who is there they are planning on coming home along with another family because they cant afford the morgages, they said the rate is 9% and set to rise another 2% is this correct? they told me a morgage for $400,00 will cost them £1700 (english pounds)

 

Just slighty worried ??? :mad::sad::sad:

 

Big Thanks for your responses

[Guest guest30038]

Mortgage rates vary but based on a current suncorp basic variable loan at 6.11 over 30 yrs, repayments would be around $2,400.

 

It does no good to compare in pounds..........you will be earning dollars. I doubt if the mooted rises will be more than 1% this year

 

kev

[spottydog]

Current rates (variable) are around 6.5%. At present there is a strong likelihood they will continue to rise as the RBA here is indicating that the economy is strong and therefore they need to move rates to a more neutral range. Everything I've read is indicating another 1% this year but what happens will really depend on how the economy fairs.

 

For an idea on cost look at one of the calculators on the major banks websites i.e. Personal - Tools and Calculators - Commonwealth Bank Group On here $400k repayment over 30 years shows a monthly figure of $2558 so around 1400 pounds.