Homebuyers are being warned to brace for higher mortgage repayments as the RBA looks to raise interest rates.
Yellow Brick Road Home Loans Executive Chairman Mark Bouris told Sky News Australia it’s in the banks’ interests for rates to go up.
“We’ve been lending money to consumers during the COVID period on very low rates,” he said.
“Our margins have all been squeezed. The only way margins can get expanded is when interest rates rise.”