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Peter Boehm says when you rent you are basically paying for a service and somewhere to live, but every time you are paying rent you are paying off your landlord’s mortgage.

Tens of thousands of Australian mortgage holders are set for a significant interest rate hike, with Westpac revealing it's raising its rates.

A senior Reserve Bank official has warned Australians not to over-commit on their home loans and be prepared for interest rates to eventually rise.