The Reserve Bank of Australia has handed down an eighth-straight interest rate hike, taking the nation’s cash rate to a level not seen in 10 years. The RBA has increased the case rate by 0.25% to 3.1%. This is the eight interest rate increase we have seen in a row.
Although this was widely anticipated by analysts this will indeed bring some pre Christmas pain to many Australian families as it will see a significant and noticeable impact around the country. For example on a $500, 000 mortgage this will be an additional $75 increase in mortgage payments. This equates to an overall increase of $835 per month since May over all 8 rate increases, again this is on a $500, 000 loan.
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