Even if inflation is 10% this is not the main problem , if interest rates go back to normal 6% to 7% it could mean an extra $20,000.00 to $40,000.00 on $1,000,000.00 mortgage . Can anyone tell me why the Reserve Bank has not increased Interest rates to 2% to 3% by now , will the Reserve Bank cause the biggest recession in our lifetime.
I can still remember the 1990 recession when interest rates on my mortgage increased 3% in one year to over 14% .
Interest Rates in the US on home loans are at 5% now .
