The good times are over. For home owners anyway.
After months of falling interest rates, the Aus Govt has reversed its policy and raised the central bank's cash rate by 25 points to 3.25%.
This is the first hike in interest rates since March 2008.
This works out to about $40 a month extra on a home loan of $300,000.
Aus is apparently the first developed country to go against the trend of rate cuts which most countries have adopted in response to the GFC.
I'm waiting for a letter any day now to tell me our minimum payment has gone up. But it won't matter in real terms, since our plan is to continue paying extra into our mortgage whenever we can.
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