How lawyers should view interest rates heading into 2023

Earlier this week, the Reserve Bank of Australia (RBA) raised interest rates for the eighth consecutive month. How should legal professionals who hold mortgages, and those who may hold mortgages in the near future, interpret the moves by the RBA and the economic climate around them? On this episode of The Lawyers Weekly Show, host Jerome Doraisamy speaks with Legal Home Loans director of sales Cullen Haynes and legal lending specialist Josh Jaramillo mere minutes after the RBA’s December cash rate call about what the latest rise in interest rates means for lawyers with mortgages, the advent of the “fixed repayment cliff”, and whether lawyers should be looking at breaking their rates early. The pair also detail how younger practitioners who are looking to get into the property market should interpret the current climate, the available good news amidst the pain points, including the incentives that lawyers have access to when borrowing money, what 2023 could have in store, particularly if a recession hits, and the practical steps that all legal professionals can take in considering their financial futures. If you like this episode, show your support by rating us or leaving a review on Apple Podcasts (The Lawyers Weekly Show) and by following Lawyers Weekly on social media: Facebook, Twitter and LinkedIn. If you have any questions about what you heard today, any topics of interest you have in mind, or if you'd like to lend your voice to the show, email editor@lawyersweekly.com.au for more insights!