Reserve Bank of Australia expected to announce fifth hike this year, adding to the cost of monthly mortgage repayments
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RBA interest rates live updates: Reserve Bank cash rate decision today
The Reserve Bank of Australia is expected to hike interest rates to an 18-year high – which would be the fifth rate hike this year.
For someone with an average-sized new mortgage of $731,000, paying a typical rate of 6.2%, a 0.25 percentage point rate increase would add about $119 to their $4,596 monthly repayments.
In that scenario, their total repayments would have risen by nearly $600 if their bank passed on all of this year’s rate rises.
Use this interest rate calculator to see what you might have to pay.
