Serehnonn bought her first home but didn’t expect mortgage to go up six months later

Serehnonn and Dominic Lowe bought their first home during the property boom last year to lock in some certainty after six years of renting in Sydney and in the hopes of starting a family.

That was upended when the Lowes’ mortgage repayments went up less than six months after taking out a home loan with a rate they expected to hold steady after Reserve Bank governor Philip Lowe said he did not expect rates to rise before 2024.

Since they bought in December, the cash rate has gone up five months in a row, including another increase of 50 basis points on Tuesday to 2.35 per cent. These rises have left many first home owners who bought at rock-bottom interest rates and sky-high prices facing higher repayments years earlier than expected.

Read More: https://www.smh.com.au/property/news/serehnonn-bought-her-first-home-but-didn-t-expect-the-mortgage-to-go-up-six-months-later-20220905-p5bfm8.html