The RBA has hiked interest rates. Use our loan calculator to check how it could affect you
Reserve Bank of Australia announces fifth hike this year, adding to the cost of monthly mortgage repayments
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The Reserve Bank of Australia hiked interest rates to an 18-year high on Tuesday – 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.
Source: The Guardian. Summary reproduced for informational purposes.
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