The Latest Breaking News from Canstar

The soaring cost of living is leaving wages for dust, with workers needing generous pay rises to outpace inflation.

Australian banks — which made bumper profits last year — are facing soaring funding costs as they need to repay $188 billion of cheap money borrowed from the Reserve Bank in the coming years, which is bad news for home loan borrowers.

Homeowners with a mortgage of $500,000 could be facing monthly mortgage payment increases of just under $1000 by the end of the year

Households will be hit with another hike in their mortgage bills after the RBA increased interest rate for a record fifth month in a row.

Telstra has foreshadowed further price changes for its mobile users, despite already passing on steep bill hikes for millions of customers.

As the economic outlook became more uncertain, lenders are competing harder for new customers, providing a good opportunity for home buyers with large deposits and owners who have paid off a sizeable portion of their property.

With the RBA and other central banks winding up cash rates, term deposit rates and even interest rates on savings accounts have started to rise. 

Households struggling with loan repayments are ‘looking at a deep hole, incomes are not rising but costs are’

The Reserve Bank's cash rate hike may be doom and gloom for mortgage borrowers, but Inge Meldgaard is hopeful that higher rates will boost earnings from her savings.