When interest rates go up (like they did for the seventh consecutive time on Tuesday), we’re often quick to think about the impact on homeowners who will be slugged with higher borrowing costs.
However, it’s of equal concern to one-third of Australians – often younger and on lower incomes – who rent their homes and have started to be thwacked with significant rental increases from landlords, partially as a result of the repeated rate rises.
Compounding this is the current record-low national rental vacancy rate of just 0.9 per cent, meaning it’s much harder for renters to find a new place if their rents go up exorbitantly.
Money editor Dominic Powell and senior economics writer Jessica Irvine are hosting the new podcast It All Adds Up.Credit:Dominic Lorrimer
But did you know landlords are limited in when they can increase your rent and – if they do – they must provide 60 days written notice of rent increases? In Victoria, you can challenge any increase – for free – through Consumer Affairs. Then there’s always the option in any state to escalate matters to a Tribunal.
On this week’s episode of It All Adds Up we cover all you need to know about tenants’ rights in Australia and what options you have as a renter when your landlord comes knocking with a rental increase
We also cover a listener question on Jess’ favourite topic (budgeting) and talk about why the supermarkets are engaging in a mass conspiracy theory when it comes to ‘best before’ dates.
Have a listen on all major podcast players, including Apple Podcasts and Spotify, and don’t forget to send in questions of your own to firstname.lastname@example.org.
- Information given in this podcast is general in nature and is not intended to influence listeners’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
For more money saving tips and advice, sign up to receive the free weekly ‘Money with Jess’ email here.
Most Viewed in Money
Source: Read Full Article