How soon before the RBA lifts interest rates?
Yes the Reserve Bank of Australia (RBA) is actively discussing interest rate rises but no, they won't be lifting them any time soon. These are the confusing headlines you'll hear from pundits talking about the direction for interest rates. So what's going on? At their last policy meeting, the RBA concluded with similar comments it provided in previous months. It did, however, raise one new point about interest rates: they're likely to move up rather than down. That doesn't se
Tame your mortgage monster
The amount of money you initially borrow from the bank is called the principal amount and your bank charges you interest on the outstanding principal each month. This means that focusing on paying down your principal amount puts a bigger dent in paying off your mortgage a whole lot sooner. For instance, if you have a loan of $300,000 at 4.5 per cent interest and you pay $1,520.00 a month, the loan will cost you more than $548,000 over 30 years. If you can find a way to incre
The 7 crucial habits you'll need to become wealthy
As many financial planners will tell you, building wealth is a process made of many small actions that add up over time. So if you want to see your bank account grow, adopting new money and lifestyle habits is a smart way to start. There are many paths to building wealth like, starting your own business or timing the share market or, just getting lucky (against astronomical odds) and winning the lottery. But if you want to take control of your financial future and give yourse
Are interest rates about to go up?
Australia’s banks are probably a month away from deciding if they’re going to increase interest rates once again, deciding between being popular or being profitable. The three-month bank bill swap rate, which Australian banks use to gauge borrowing costs, rose one quarter of one per cent in March, the biggest monthly gain since September 2010. This is being driven by a number of factors including increases to US interest rates and changes to bank regulations here in Australia
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