Key points
- The RBA has increased interest rates by 50 basis points to 2.35 per cent
- Use our calculator to see how much extra your mortgage repayments will be
Interest rates have risen again.Credit:Matthew Absalom-Wong
The Reserve Bank of Australia has enacted a fifth successive interest rate increase.
On Tuesday the RBA board lifted the cash rate by another 50 basis points to 2.35 per cent.
The seven-year high increases the repayments on an $800,000 mortgage to $1000 a month since May.
Use our calculator below to see what Tuesday’s increase of 50 points (the right toggle button) means for your mortgage repayments.
Enter your loan amount, the length of your loan, your existing interest rate, then click the +0.5 per cent rise for September to get your extra monthly repayment.
Calculations are based on monthly fixed interest rate increases on principal loan amount excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.
Lenders make individual choices on what is passed on from the RBA so check with your lender.
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