RBA increases cash rate to 3.6%

Today The Reserve Bank has raised interest rates for the 10th straight meeting in a row.
interest rate increase

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 The Loans Suite.

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 The Loans Suite today if you’d like to discuss your situation and options.

If you like reading, you can see the RBA’s full statement here.

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.

Karlie Scharfenberg
Karlie Scharfenberg

Director & Senior Finance Broker

SHARE THIS

Let's talk

Give us a call or fill in the form below and we’ll contact you within 24 hours (on business days).