Finance expert Scott Phillips from Motley Fool Money joins Flan, Ali and Spida to give us the latest on what’s happening with rate rises. Someone with a 600k mortgage are looking at an extra $1,000 a month than what they were paying 10 months ago.
“This is a brutal increase” as we are about to be hit with the 10th interest rate rise. Scott says people shouldn’t have been lent so much money with the rates so low and the banks have let people down.
Scott gives some tips on how to ride the wave with the next increase and when it doubt to seek a financial advisor as you may be able to get a better interest rate.
Listen to the tips here:
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