The Reserve Bank of Australia (RBA) has announced a 0.25% rise in interest rates, resulting in another financial blow to Australians. This marks the ninth time the RBA has raised rates and the increase was decided during the board's first meeting of the year. The cash rate target has now risen from 3.10% last month to 3.35% (Feb 8th, 2023).

In the coming year, Australians should prepare for higher interest rates. As a result of the Reserve Bank of Australia raising the cash rate to 2.85%, major banks have revised their interest rate predictions.

Westpac forecast predicts rates will peak in May 2023, the ANZ forecast predicts 3.6%, and the NAB forecasts 3.1%. The CBA predicts an annualized rate of 3.10%.

This follows seven consecutive months of interest rate hikes to curb inflation, currently at 7.8%, the highest since 1990. To manage the effects of higher interest rates, many borrowers may consider refinancing to secure a more competitive rate, often saving borrowers $1,000's annually.

However, it's important to consider all aspects of the loan and work with a professional to find the best option. Easiloans can also assist new home buyers in understanding loan features and navigating the market.

Easiloans say that if your interest rate is +5% pa, then you need an immediate review to get it near the below 5%+ pa. range or even less.

Interest is calculated daily, so every day is costing you more than it needs to. Act today, call Easiloans on 0447 136 761 for a complimentary review of your loans and start saving.