Got a question about interest rates? SA expert Darryl Gobbett answers readers | Recap

The RBA has lifted rates for the first time since 2010 – so what should you do? We invited an SA economist to help with your questions. See his answers here.

The RBA is has lifted the cash rate for the first time in 12 years today – and it will mean big changes for homeowners.

Rocketing inflation appears to have forced the Reserve Bank’s hand with Governor Philip Lowe announcing a widely expected rate hike to 0.35 per cent.

The official cash rate will move from the record low of 0.1 per cent - with banks expected to move fast and increase interest rates. But will they keep going up?

POST YOUR QUESTIONS BELOW AND SCROLL TO THE COMMENTS FROM 1.45PM TO SEE SA ECONOMIST DARRYL GOBBETT ANSWER THEM LIVE

SA economist Darryl Gobbett. Picture: Dave Cronin

If the Reserve Bank of Australia lifts its benchmark cash rate to 2 per cent by Christmas, as several top economists expect, then repayments on a $1m home loan will be $1090 higher than now.

Darryl Gobbett is an expert SA economist with more than four decades’ experience, and will answer your questions live from about 1.45pm on Tuesday.

You can ask your questions in the comment box below.

Following a long career with organisations including Prescott Securities and Baillieu Holst, Mr Gobbett he is now a visiting fellow with the South Australian Centre for Economic Studies and a company director.

Any advice is general in nature and should not be taken as personal financial advice.