The RBA has hiked interest rates. Use our loan calculator to check how it could affect you
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.
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