Yesterday, Australia got another interest rate rise. It is now at 7%, the highest level since 1996. The Reserve Bank Australia (RBA) wants to control inflation which is still high at the moment.
If you have a mortgage, the advice is to lock your interest rate right away because banks have yet to pass the latest rate rise to customer. This latest rise will increase your monthly repayments by about $40 (based on a $300,000 mortgage). News.com.au has a handy calculator to let you calculate repayments. It can be found here.
UPDATE: Commonwealth Bank is the first major bank to increase its rate by 0.30%.
If you have a mortgage, the advice is to lock your interest rate right away because banks have yet to pass the latest rate rise to customer. This latest rise will increase your monthly repayments by about $40 (based on a $300,000 mortgage). News.com.au has a handy calculator to let you calculate repayments. It can be found here.
UPDATE: Commonwealth Bank is the first major bank to increase its rate by 0.30%.
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