RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz: Great Australian dream becoming a nightmare Fri Feb 08, 2008 10:15 pm | |
| The great Australian dream - home ownership - is turning into a nightmare for many families with seemingly no end in sight to higher interest rates.
This week's official interest rate rise by the Reserve Bank of Australia (RBA) was the 11th since May 2002, marking a record for consecutive increases.
Add to that the decision last month by major lenders to adjust their home loan interest rates without prompting by the central bank, and the joy of owning the roof over your head is becoming more a millstone around the neck.
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