
On Tuesday the 7th of November 2023, the RBA decided to increase interest rates by 0.25%, which has taken the cash rate to 4.35%. This increase in interest rate has had an effect on all borrower’s, capacity to borrow. As interest rates climb, your ability to borrow is reduced- so what are some of the things you can do to limit the damage to your borrowing capacity: Choose your lender carefully: Most lenders will have you pre-approved for a certain loan amount at a certain purchase price. If interest rates…