PHOTO: Reserve Bank of Australia Governor Philip Lowe has warned all home owners and mortgage holders that rising interest rates may hurt their pockets.

The Reserve Bank of Australia (RBA) has warned all homeowners and mortgage holders that rising interest rates may hurt their pockets.

Philip Lowe, the governor of the nation’s top bank, issued the warning on Tuesday, saying that it’s been eight years since the last interest rate hike and that ‘borrowers have never experienced a rise in official interest rates’.

‘If we continue on this current improving track, as we expect we will, it is likely that the next move in official interest rates will be up, not down,’ he said.

NEW ZEALAND PROPERTY NEWS –  JOIN OUR 15,000 PLUS SUBSCRIBERS
 

READ MORE VIA THE DAILY MAIL