In order to face global pandemic stimulate public lending more from the bank, the Federal Reserve lowered the interest rate by 1.5% down to 0.25% in early 2020. However, this is also causing the dramatically inflation.
To control the inflation rate, which has been exceeded over 8.5% and hikes its benchmarks over recent 40 years. The Fed is decided to raised interest rate by 0.75%, aiming to control the inflation rate back to 2% level.
Coincidentally, Australia is also facing a similar situation. There is a chance that RBA also taking the same action as The Federal Reserve. At this stage, lending money from bank may have higher interest than normal. Choosing a righter broker or private lending will give you the most appropriate lending plan and faster lending process.