If you have a home loan, now might be a good time to get to know your lender a little better.
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Interest rates are anticipated to go up for the first time in more than a decade on Tuesday in the battle against rising inflation, and a Tamworth financial expert said that could mean some significant change is on the way.
Bell Partners' financial advisor Trent Balderston said there's only so much riding the wave which can go on.
"[For businesses] You get wage growth and when you get wage growth your labour costs, which is a large part of your cost base, tend to go up pretty substantially," he said.
"What that generally does for people is it puts them in a position where if they don't have good control of their pricing then, in real terms, the jobs they are doing aren't worth as much as they were previously.
"On the other side of things, from a consumer point of view, everything starts to get more expensive.
"People might need to start looking at their budget a little more carefully.
"If they haven't asked for a pay rise, and they're in a position where they can negotiate their salary, now in the next six to nine months would be a good time to start thinking about that."
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When it comes to businesses and home owners, Mr Balderston said now would be a good time for people to negotiate the best interest rate with their bank, with rates set to rise by up to two per cent over the next couple of years.
He said Tuesday's expected rise will most likely be just the beginning of a cycle that could ideally end up with interest rates sitting between 2 and 3 per cent, which he said is when economies are at their healthiest.
Rising interest rates are designed to counteract inflation with the logic being it will increase the amount of cash held by banks and lower spending, thus reducing demand for products and lowering prices.
"Those [inflation] numbers that came in last week at 5.1 per cent is significant, but if you get a rate rise on Tuesday we'd be hopeful to not see them kick up much higher," Mr Balderston said.
But if the increase does not get on top of the problem, he said further action may be needed later in the year.
"If monetary policy doesn't get a hold of inflation, you'll need to see some fiscal policy, so some budget impacts from whatever government is in power at the time," he said.
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