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The Reserve Bank of Australia (RBA) has increased the cash rate a further 25 basis points to 2.85 per cent today, signalling more interest rate pain for mortgage holders.
Read the official statement on the RBA’s website.
Today’s decision follows six consecutive rate increases from May to October. Reserve Bank Governor Philip Lowe has warned Australians there are more interest rate rises ahead.
Australia’s inflation rate now sits at 7.3 per cent, the highest inflation rate since 1990, which along with the higher cost of borrowing is putting the squeeze on household budgets.
Recent research from AMP Bank revealed homeowners are worried about meeting their mortgage repayments, with 58 per cent having to stretch their household budgets to make ends meet.
Want to know if your mortgage is still competitive? Or whether refinancing could help you save money now and over the long term? Get in touch with us today.
Property market snapshot
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