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Now you can really 'put your house on it'

Now you can really 'put your house on it'

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Date Published : Wednesday, August 27, 2008

Struggling mortgage holders eagerly awaiting the result of the next board meeting of the Reserve Bank of Australia (RBA) can now bet on its outcome, it has been reported.

Obsessive gamblers who are failing to keep up with their mortgage payment can now, should they wish to, add extra spice to September's rate announcement by placing a wager on it, monstersandcritics.com has said.

Gerard Daffy, sports betting manager at Lasseters, is quoted as saying the impending announcement has "become one of the most eagerly awaited events by householders around the country on a monthly basis".

"After being inundated with requests in recent weeks, I welcome legislation which allows us to bet on something that's obviously so important to everyday Australians," he added.

A rate hike would increase the cost of borrowing and could see thousands of Australians fall further behind on their repayments and possibly lose their homes, it has been claimed.

Should the RBA cut rates by 0.25 percentage points then borrowers could have a little extra cash to play with and anyone with a mortgage willing to place large sums of money on the outcome could be in for a double windfall.

This week it was reported that Queensland treasurer Andrew Fraser has asked the RBA to cut interest rates by 0.5 percentage points when it meets next week to "offer families some relief".

"When you combine high interest rates with other factors like rising petrol prices, consumer confidence is hit hard and discretionary spending by families is wiped out," Mr Fraser explained to the Age.

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