What Impact Will The Rise In Interest Rate Have On Townsville Mortgage Owners?
With Economist Colin Dwyer
The Reserve Banks recent rise in interest rates is set to impact economy standards, including mortgage costs. Regional Economist Colin Dwyer spoke with Pricey about the estimated changes.
Crunching the numbers, Dwyer detailed how heavy the rates will affect certain areas - based on the average mortgage.
"If you live in Vincent for example, the rate rise is likely to be $23 a month. If you live on Castle Hill then it's about $93 a month," he said.
Dwyer said in relation to the national average of, there are "about 17% more" renters in Townsville.
"We should be prepared that the interest rate and mortgages will go up more," Dwyer continued.