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Now Where Will Rates Go, And What Does It All Mean?

With the latest rises in rates of 3% flowing through to the markets, we look at the impact, now and ahead with Steve Mickenbecker from Canstar.

*CONTENTS*
0:00 Start
0:53 Housing Shortages and Stress
11:40 Interest Rates Moves
20:00 Fixed Rate Cliff Ahead
25:30 Credit Card Issuing Up
34:00 Refinancing Risks
40:30 Deposits
49:00 Financial Homework For The Holidays

Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.

https://www.canstar.com.au/team-members/steve-mickenbecker/

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Written by Walk The World

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  1. Please stop saying we have a housing shortage! We have enough houses to house every single person in Australia.

    The issue is that we have an affordable housing shortage. According to the last census there are a million empty homes. Most of these are coastal, set aside for air bnb/holiday housing.

    In some areas 30%+ of rentals have been removed from the long term rental market and made into higher profit, short term rentals that have higher tax write offs.

    Building more houses will not solve the issue if there are no regulations around rental prices, renters rights, number of short term rentals, negative gearing and capital gains.

    Like it or not, the "free market" has failed to meet the needs of the general population in regards to housing. It needs regulating and restrictions to protect the increasing numbers of renter's.

  2. The moment that Housing/Homes became a For Profit Buisness we were in big trouble……Our large Regional town has a meat processor that has been using visa workers for some years now, they are right now setting up,a worker camp-site. This is and looks just like the accommodation used at mining sites in the remote outback used by fly in fly out workers now…….This is their solution and I believe others will do the same 🙁☹

  3. As a 35 year old whose delaying starting a family because the cost of buying a house at the current prices would keep me awake every night, i hope they push rates much higher regardless of the cost. My generation have been massively screwed over by this central bank & Australian government housing bubble, to the benefit of the boomer generation.

  4. Are you sure🤔… because my Real Estate Agent told me… 1) It’s a great time to buy a house 2) House prices will never drop & will only go up
    3) Interest rates will drop soon.
    Unless my agent is a lying, greedy, selfish & corrupt thief that should never be believed🤔🙄😮

  5. OMG I looked at an apartment at Wentworth Point on the weekend. It was brand new and what a dog box it was. Seriously I don't know how they can build places like this in this day and age, there should be some sort of law against it. Who the heck is buying them??? This developer wanted $1.2M for it!!! Far out I said, you would have to pay me at least that to live here. Oh and something else, the developer's salesmen showed me two apartments, and walking from the first one to the second one, there on the pathway was a used condom….not a great look. Yuck! Please people, don't buy this crap..if consumers just refused to buy rubbish like this, the prices would crash and quality improve. Homebuyers need to organise and stand up to this nonsense….!

  6. What's to blame for the 'housing crisis?' not greedy landlords.. it's government intervention and interference and the growing welfare state. I oppose high density housing for other reasons than them just being ghettos.. add digital currency, more restrictive regulation, the push for climate action and you can tell what is all about. I'll sell all my properties in the next 10 years, get cashed up and leave for the Asian country where i have other property already. No building approvals and a cash economy which means no income tax. Australians can go suck on their socialist utopia

  7. Matt Comyn and the Commonwealth Bank are "talking their book" mortgage increases take "3 months to impact" and "rates will peak at 2.8%". The RBA is also on the back foot because it has been criticised so heavily and as a result they are amongst the slowest of all central banks to hike rates. Energy prices increasing significantly in 2023. All this, together with Albo and his people driving higher wages (through recent legislation) has the potential and probably will see inflation go higher and therefore see interest rates go higher for longer. Just watch the space. This can really go from bad to worse and end very badly.

  8. Martin. You have always said there was an excess of properties in Australia. If there was enough properties to house those required pre Covid and there has been no immigration for a few years wouldn’t that mean we still have enough properties to house those required. If immigration for the next year is 190000 at 3.1 persons per home that’s 63000 homes required. There is currently 245000 properties under construction. That is more than needed. The property shortage is still from speculative investment demand promoted by the RBA and Josh FDB. As prices fall and the cost of holding them go up I think you will find a significant increase in property for sale or rent as has happened in the US with prices and rents coming down. GM

  9. Many Decades ago I saw immigrant families invest in their own Family's….All benefits then remain within their own. This is good for them and their communities, it excludes the money lenders and their protectors…If you can do the same to protect those nearest to you!…..🙂😎🙂😎🙂

  10. The migration tap is on fully drives housing out of control. I hear a lot of people heading to Australia now recently. I think they have included a lot more professions in the employment sponsorship program which will cause a flood of people into the country.

  11. We need to start shaming politicians who have multiple investment properties because it's that conflict of interest that's driving the absurd and ever escalating cost of housing, indeed this whole culture of buying up properties at the low end of the market, renting them out, building up a deposit for the next loan to get yet another property, this needs to stop, being a landlord shouldn't be someone's full time occupation and it ABSOLUTELY should not be an activity our politicians are engaged in, that is a gross conflict of interest!

  12. Inflation isn’t stopping which is fake anyway because a handful of people own everything and government the world over has allowed it.. and to tell the truth a handful of people owned everything probably in the 70 ‘s. Government realised this after the fact and corrected it.then it’s happened again.cheap money is no good for anyone.so here we are on another cycle of high rates and inflation which won’t sort itself out for a decade.

  13. Means you better stop spending or they’ll keep jacking rates but if we don’t keep spending retainers will collapse and rents will continue to rise with interest rates because of interest rate induced inflation in rent and repayments.

  14. The interest rates should never had be allowed to go so low, and with low rates mean higher house prices , the banks get their money either way, the only good thing to come out of it you are now seeing better rates on term deposits.

  15. Get used to a denser style city! Steve is mad! I say put all newcomers in the country and let us live the lives we used to live! Sitting in traffic and living in a cardboard box in stinking ghetto's makes me suicidal!

  16. If the banks close shop due to a global financial crisis like what happened in England in the 1970s, attitude towards savings and central planners would probably not change.

  17. If you want developers to build places to live, and add community areas etc.., there would be little to no profit in the development. Therefore nothing will get built, unless government want to subsidise the cost of development to incentivise the whole reason developers actually build things, to make profit.

  18. Money gets created by taking out larger mortgages. .Gov could always say look GDP is growing… yeah for us .Gov..
    its a fake economy at best.
    RBA looks to the US Fed with a weaponised USD at its fingertips
    what is to happen in the future. Any guess be good

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