WENDELL HUSSEY | Cadet | CONTACT
Hordes of boomers around the country are celebrating this week, after another alley oop from the Reserve Bank of Australia (RBA).
The RBA has hiked rates to 4.10 per cent, as banks immediately pass it on (but not just yet for savings if you know what they mean haha).
More pain is ahead with predictions rates will keep going up because we apparently have no way of combatting an international fuel crisis other than hiking the cash rate to punish people who are under mortgage or rental stress.
However, it's not all doom and gloom.
For local septuagenarians Dale and Dale Wilson, the rate hike effectively comes as a pay rise.
With nearly a million dollars sitting in a couple of cleverly designed tax dodging trust accounts, a number of mortgage free properties and a number of negatively geared ones - the interest rate rise will allow them to creep their profiteering bracket up.
"Yeah, unfortunately someone does have to pay," said the male Dale.
"And we've been working our whole life, so we will have to pass on this rate hike to our tenants," said the female Dale, who is about to push a single mum out of a run down investment property she's claimed negative gearing work on, which was actually done on her holiday house.
The move is a relatively common one across the country, with investors looking to pass on the cost of investment to people who can't afford to own a home, or investors looking to make more money under the premise they have to pass on the cost.
"So now we've got to work out what we want to do with our pay rise," laughed male Dale.
"And guess what, I'm thinking a European River Cruise or we upgrade the caravan."
"And maybe we get another investment property," laughed female Dale.
More to come.
