The Reserve Bank has raised interest rates for the 10th straight meeting in a row and continues to flag more hikes in a bid to bring inflation down.
Today the RBA lifted the official interest rate by 25 basis points to 3.60% as it continues its fight to reduce inflation.
It’s the highest level since-2012 and will add another $77 to monthly repayments on a $500,000, 25-year mortgage, according to Portfolio Pro.
That’s on top of the $908 increase that’s been locked in since last May.
The decision was in line with market expectations, as the RBA had recently signaled it intended to make at least two more interest rate rises in the coming months.
With so much uncertainty about interest rates, it can help to talk to an expert. Contact Portfolio Pro today if you’d like to discuss your situation and options.
Are you feeling mortgage stress?
We have launched a mortgage stress calculator to help you estimate your financial risk when rates change…which is happening way too often at the moment.