High Interest Rate May Disturb Lives

By Petra Amelia on November 15th, 2007

(1 votes, average: 5 out of 5)

 Loading ...

When Gus and Sharon Fahey purchased their home in North Willoughby they had only one baby and they both were paying off the loan from their salaries. After nine years they had 2 more babies and Sharon stop working now Mr. Fahey has got the responsibility to pay off the loan. Mr. Fahey, 40, told the Courier that the Reserve Bank’s interest rate rise of 0.25 per cent - which takes it to 6.75 per cent - was an expense his family did not need. Since the birth of his three boys, Mr. Fahey has been investing extra cash into a managed funds account to pay for private schooling for when they reach high school age. Mr. Fahey said “Any interest rate rise is going to hurt because it means less cash put into the school fund, “There will come a time when we might have to pack up and move out of NSW and go north to Queensland.” This is the first time when Reserve Bank has increased rate of interest during an election campaign, but it will not change his vote.

Read: villagevoice.com.au

Share This